Panama Papers: Iceland prime minister seeks early poll (1 Viewer)

[TheDemSocialist]

The prime minister of Iceland has asked the president to dissolve parliament after allegations he concealed millions of dollars worth of investments in an offshore company.PM Sigmundur Gunnlaugsson faced growing pressure over documents showing he and his wife owned offshore firm Wintris.
A big protest was held in front of parliament in Iceland on Monday.
Dozens of high-profile global figures are named in a huge leak from Panamanian law firm Mossack Fonseca.
Mr Gunnlaugsson put his request to President Olafur Ragnar Grimsson after the opposition proposed a no-confidence motion.
However, Mr Grimsson is reported to be delaying a decision until he has spoken to the main political parties.

Read more @: Panama Papers: Iceland prime minister seeks early poll

Here comes the first political consequences of the Panama Papers. The PM of Iceland has reportedly asked the President to dissolve Parliament and call for new elections, however it is also being reported that the PM of Iceland is delaying the process until he talks to the main political parties. This may just be the beginning of the political backlash from the Panama Papers

 

[Jetboogieman]

This thing is going to be one of the biggest events of the 2010's... It's already taken down one government in power... And we're just getting started.

Interesting developments out of China as well, Xi Jiinping running around locking up every other person for corruption... His own family members are mixed up in this stuff, that will get interesting.

Apparently if you look up Panama Files on China's main search engine it finds no results :lol:

 

[PeteEU]

Yes, the irony is not lost with people following Iceland. The party that was suppose to clean up the Iceland crisis, the center right Progressives, were actually deeply involved in it... go figure.

What will be interesting is if it will eventually mean the death kneel to Cameron in the UK. It is being discussed on TV, that only had his father used the company in Panama to hide millions (which Cameron inherited or will), but the fact the country with the most shady tax evasion areas is the UK. Will the UK finally be forced to crack down on its colonies acting as tax havens and money laundering centers? We shall see.

 

[azgreg]

Read more @: Panama Papers: Iceland prime minister seeks early poll

Here comes the first political consequences of the Panama Papers. The PM of Iceland has reportedly asked the President to dissolve Parliament and call for new elections, however it is also being reported that the PM of Iceland is delaying the process until he talks to the main political parties. This may just be the beginning of the political backlash from the Panama Papers[/FONT][/COLOR]

The interview over the weekend for him was quite uncomfortable. lol

 

[azgreg]

And he resigns.

Panama papers reaction - BBC News

Iceland’s prime minister has resigned in the wake of the Panama Papers scandal.

The leaks, from Panama law firm Mossack Fonseca, showed PM Sigmundur Gunnlaugsson owned an offshore company, Wintris, with his wife.

He was accused of concealing millions of dollars worth of family assets.

A big protest was held in front of parliament in Iceland on Monday.

 

[Infinite Chaos]

~ Will the UK finally be forced to crack down on its colonies acting as tax havens and money laundering centers? We shall see.

Unfortunately no, I don't think that will happen. There are two dark sides to the Conservative Party - the attraction to hard line nationalists and the protection of the super-wealthy. Cameron will probably survive but he will be tainted by this just as Blair was tainted by Iraq.

 

[Carjosse]

Will the UK finally be forced to crack down on its colonies acting as tax havens and money laundering centers? We shall see.

They cannot really do anything about it since the UK does not have direct control over them, they are autonomous states.

 

[Carjosse]

This thing is going to be one of the biggest events of the 2010's... It's already taken down one government in power... And we're just getting started.

Interesting developments out of China as well, Xi Jiinping running around locking up every other person for corruption... His own family members are mixed up in this stuff, that will get interesting.

Apparently if you look up Panama Files on China's main search engine it finds no results :lol:

That is par for the course in China. It will change nothing, it is the most corrupt country in the world. You seem amazed that they would censor things. Everyone knows it, this is just actual proof.

 

[bubbabgone]

What I think is interesting might be the reason Soros decided to bankroll the ICIJ given so many of the perps (if such a thing applies) are from George's end of the political spectrum.
It's been speculated that it's part of a global power play and global financial control can be quite alluring and politically influential.

 

[PeteEU]

They cannot really do anything about it since the UK does not have direct control over them, they are autonomous states.

LOL they are not. They are "overseas territories" which is the PC version of a colony. They might have self rule.. up to a point, but...

Panama papers Q&A: British overseas territories and Crown dependencies - BBC News

As a matter of constitutional law the UK Parliament has unlimited power to legislate for the territories.

And because of this, the UK has been complicit in tax haven status, money laundering and tax evasion.... regardless of what colour the party in power has.

 

[Carjosse]

LOL they are not. They are "overseas territories" which is the PC version of a colony. They might have self rule.. up to a point, but...

Panama papers Q&A: British overseas territories and Crown dependencies - BBC News



And because of this, the UK has been complicit in tax haven status, money laundering and tax evasion.... regardless of what colour the party in power has.

The rest of the article says that it can but it is ill-advised you cannot remove a territory's right to self-government without causing backlash and controversy. The UK still stands to benefit as without these industries the UK would have to pay a lot more to support their territories which I am sure it does not want to do. To these territories they are doing nothing wrong, which is true.

 

[PeteEU]

The rest of the article says that it can but it is ill-advised you cannot remove a territory's right to self-government without causing backlash and controversy. The UK still stands to benefit as without these industries the UK would have to pay a lot more to support their territories which I am sure it does not want to do. To these territories they are doing nothing wrong, which is true.

These territories are doing wrong. They are hiding criminals. They are also utterly corrupt and breed corruption. The leader of Gibraltar, a colony that cant even keep its old buildings serviced, lives in Spain in a multi-million pound villa. The police in Gibraltar defends smugglers from the Spanish police.. The FIFA scandal involves lots of key people from these areas... ironic no? Why could it happen.. because FIFA was corrupt and run by people who came from places where corruption is normal.

So spare me this self determination crap. These areas are colonies and the UK should police them far better than it does. The irony here is, that UK citizens use these tax havens to avoid taxes and yet the UK government could fix it quite easily... So when UK politicians complain about tax evaders or other criminal activities..it is hypocrisy at its best.

 

[Carjosse]

These territories are doing wrong. They are hiding criminals. They are also utterly corrupt and breed corruption. The leader of Gibraltar, a colony that cant even keep its old buildings serviced, lives in Spain in a multi-million pound villa. The police in Gibraltar defends smugglers from the Spanish police.. The FIFA scandal involves lots of key people from these areas... ironic no? Why could it happen.. because FIFA was corrupt and run by people who came from places where corruption is normal.

So spare me this self determination crap. These areas are colonies and the UK should police them far better than it does. The irony here is, that UK citizens use these tax havens to avoid taxes and yet the UK government could fix it quite easily... So when UK politicians complain about tax evaders or other criminal activities..it is hypocrisy at its best.

Fine, push them to do more to be transparent, like the article says the UK government was doing. What you cannot do is take away their autonomy and their tax haven status, you take away their economies same with the Netherlands and Ireland, they would lose a fair amount of their economy if they did not allow tax haven friendly policies. If a company wants to funnel money to the Caymans in a straight-forward way, as long as it is not to hide criminal activity let them. The Netherlands allows it for small and medium sized companies, all they ask is you tell them.

 

[Geoist]

Another interesting point: Mossack Fonseca is only the 4th largest of these firms. So one can imagine the gold mine that could be found within the top 3.

 

[Red_Dave]

What you cannot do is take away their autonomy and their tax haven status,.

We can and we have UK Slammed For Turks And Caicos Intervention

The Suspension of the British Guiana Constitution - 1953 (Declassified British documents)

Although the same could be said regarding Leichtenstien and Andora, all we would need to do is suspend economic cooperation and close the borders, but then where would politicians hide their stolen money?

 

[Carjosse]

We can and we have UK Slammed For Turks And Caicos Intervention

The Suspension of the British Guiana Constitution - 1953 (Declassified British documents)

Although the same could be said regarding Leichtenstien and Andora, all we would need to do is suspend economic cooperation and close the borders, but then where would politicians hide their stolen money?

What the UK did was wrong, you do not dissolve a state's sovereignty because you do not like their tax laws. You especially cannot cut off fully sovereign states, I am sure the UN and the EU would have something to say about that. Like I said before, if there is nothing criminal going on, you have no right to stop them.

 

[Red_Dave]

What the UK did was wrong, you do not dissolve a state's sovereignty because you do not like their tax laws. You especially cannot cut off fully sovereign states, I am sure the UN and the EU would have something to say about that. Like I said before, if there is nothing criminal going on, you have no right to stop them.

They are not soverign states any more then Guam or Puerta Rico are, if they wish to declare independance then they are welcome to do so (bearing in mind that they would be losing subsidies and Gibraltar may find itself in a more tenous possition insofar as its conflict with Spain is concerned) but then we would have the right to decide whether or not we would allow trade, and/or transfers of money between us and these territories .

 

[Carjosse]

They are not soverign states any more then Guam or Puerta Rico are, if they wish to declare independance then they are welcome to do so (bearing in mind that they would be losing subsidies and Gibraltar may find itself in a more tenous possition insofar as its conflict with Spain is concerned) but then we would have the right to decide whether or not we would allow trade, and/or transfers of money between us and these territories .

Like I said as long as they change their laws as to curtail criminal activity, like they have been doing, the UK has no grounds to remove their sovereignty. Many of them are self-sufficient financially mainly due to the financial industry, if the UK takes that industry away the UK will have to subsidize them. It is probably cheaper for the UK to just let them continue with what they are doing. I also believe you are underestimating the kind of backlash and controversy it would cause. I would like to see countries try to cut off access to Liechtenstein and Andorra, actual fully sovereign states.

 

[PeteEU]

What the UK did was wrong, you do not dissolve a state's sovereignty because you do not like their tax laws.

They are not states.. they are colonies. The UK government has full right to do whatever they please in those colonies.

You especially cannot cut off fully sovereign states, I am sure the UN and the EU would have something to say about that.

Sure you can.. the US did it for 50+ years with Cuba. The world cut off Iran for a while.. it can be done and has been done. Plus the UN can bitch, but it cant do anything about it.. /wave veto. Plus the EU would LOVE for the UK to crack down on these tax havens. The EU is in the process of cracking down on Luxembourg and others, but cant touch British colonies.

Like I said before, if there is nothing criminal going on, you have no right to stop them.

But there is criminality going on.. that is the whole point! Evading taxes and money laundering is a crime.

 

[Red_Dave]

actual fully sovereign states.

Which only have soverignty over one side of the border, those on the outside are fully within their rights to decide who and what is allowed to cross. Also fun fact: the president of France is officially the co-monarch of Andora.

 

[Carjosse]

Which only have soverignty over one side of the border, those on the outside are fully within their rights to decide who and what is allowed to cross. Also fun fact: the president of France is officially the co-monarch of Andora.

Yeah but he does not have any real power there. The Queen technically has power in Canada, but does she have any actual power, no, not really. As sovereign states you would have to deal with a plethora of international organizations that would object to it like the UN and/or the EU. Besides, you would really starve countries over tax laws?

 

[Carjosse]

They are not states.. they are colonies. The UK government has full right to do whatever they please in those colonies.



Sure you can.. the US did it for 50+ years with Cuba. The world cut off Iran for a while.. it can be done and has been done. Plus the UN can bitch, but it cant do anything about it.. /wave veto. Plus the EU would LOVE for the UK to crack down on these tax havens. The EU is in the process of cracking down on Luxembourg and others, but cant touch British colonies.



But there is criminality going on.. that is the whole point! Evading taxes and money laundering is a crime.

The UK government does not, they legally can but functionally they do not. It also probably would cost the UK more to subsidize those colonies than combat the tax evasion.

Except they cut off those countries for acts of aggression and nuclear weapons, a much better reason than tax laws, do you want to nuke them as well?

Believe it or not there are perfectly legal ways for offshoring money in tax havens. As long as it done that way and not say hide the money or launder, it is perfectly fine.

 

[PeteEU]

The UK government does not, they legally can but functionally they do not. It also probably would cost the UK more to subsidize those colonies than combat the tax evasion.

Yea those places where people dont pay taxes... They would not have to subsidize if those places collected... taxes.

Believe it or not there are perfectly legal ways for offshoring money in tax havens. As long as it done that way and not say hide the money or launder, it is perfectly fine.

The whole point of those tax havens is to HIDE the money!!!

 

[joG]

Yes, the irony is not lost with people following Iceland. The party that was suppose to clean up the Iceland crisis, the center right Progressives, were actually deeply involved in it... go figure.

What will be interesting is if it will eventually mean the death kneel to Cameron in the UK. It is being discussed on TV, that only had his father used the company in Panama to hide millions (which Cameron inherited or will), but the fact the country with the most shady tax evasion areas is the UK. Will the UK finally be forced to crack down on its colonies acting as tax havens and money laundering centers? We shall see.

Actually, I remember Holland being named recently to clean up its act by the EU and Luxembourg lives on money made from the regulatory arbitrage. So, when you throw stones....

 

[joG]

Unfortunately no, I don't think that will happen. There are two dark sides to the Conservative Party - the attraction to hard line nationalists and the protection of the super-wealthy. Cameron will probably survive but he will be tainted by this just as Blair was tainted by Iraq.

Actually, the regulatory situation in London is much better than in say Frankfurt or Paris and has been far more strictly enforced, in reality lived and was so at least 15 years earlier than the two I can judge in detail or the other countries I have been responsible for in various jobs. The only country I know to have been earlier and more strict regarding tax and regulation is the US ie New York market place.