There’s been a leak at a major Channel Isles private bank, revealing the names and identities of thousands of its wealthy offshore clients, including the likes vacuum cleaner tycoon James Dyson and Hollywood actor Mel Gibson, to the International Consortium of Investigative Journalists (ICIJ). Names of donors to the British government, who have spoken out against tax havens, and other prominent British celebrities are also included in the bank leak, but more important than the names themselves is that this reveals just how the wealthy get ahead on taxes.
The ICIJ has given exclusive permission to The Guardian newspaper to examine and analyze the 20,000-plus names that came out of the bank leak, and both the ICIJ and The Guardian will release some of their finding within the next few days, “in the interests of transparency.” These findings should shed light on the offshore links of of the political donors, international celebrities, judges, sports players, businessmen, and British aristocrats, all of whom were involved, in some way or another, with a Jersey, Channel Islands branch of Kleinwort Benson, a well-known London firm that focuses on issues of “wealth management.”
The British government released a report, stating, “In the past, offshore accounts and other complex arrangements were shrouded in secrecy, so some people felt that they could dodge their tax obligations … Those days are gone.”
The government is looking to crack down on the crime of secret tax evasion, as just recently as April, British Chancellor George Osborne emphasized, “If you’re evading tax offshore, there is no safe haven and we will find you.”
It’s uncertain how effective the British government will be in going after these individuals, however, because according to The Guardian’s findings, this may not all be illegal. There are numerous Jersey loopholes that allow the wealthy pass on their fortunes legally.
Until further details about the situation are released, it is unclear what legal action, if any, will be taken.
Photo by Alberto E. Rodriguez/Getty Images For J/P Haitian Relief Organization and Cinema For Peace
