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US is a major hub of financial secrecy, says report
 [Aljazeera] The United States is the world's most complicit country in helping individuals hide money from the rule of law, according to a new report from the Tax Justice Network (TJN). The network's findings come as Angola accuses Africa's wealthiest woman of siphoning public funds and moving the money offshore with the help of western consulting firms. The scandal has become known as the "Luanda Leaks".Isabel dos Santos, the daughter of Angola's former president, is worth an estimated $2bn, according to Forbes magazine. The International Consortium of Investigative Journalists (ICIJ) claims dos Santos used an "army" of Western advisors to "hide assets from tax authorities". "Isabel dos Santos, too, took advantage of a US secrecy jurisdiction. The Luanda Leaks documents show that dos Santos used a Delaware company to buy property in Portugal. Delaware is one of the easiest places to create a low-taxed, secretive company," said Fergus Shiel, Luanda Leaks project manager at the ICIJ. Africa's first female billionaire is accused of using international tax havens to move and store her assets. In a televised interview, dos Santos told Al Jazeera the allegations levied against her are untrue. Posted by: Besoeker 2020-02-19 |
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