Tag Archives: KPMG

Canada’s Open Door to Tax Fraud, Money Laundering


How many shell companies exist in Canada? How many legal trusts? Who are the beneficial owners protected by such unnecessary veils of secrecy? No one knows because in most cases there is no legal requirement to disclose actual ownership even to regulators. In fact, more information is required to get a library card than to set up a company in most jurisdictions in Canada. What we do know is that Canada ranks near the bottom among our OECD partners in terms of corporate disclosure requirements to fight money laundering and tax evasion. A recent report from Transparency International detailed the dismal situation and why our country has become a haven for dubious offshore property speculation.

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Something Is Rotten In Canada: Chinese Real-Estate Fraud On A Global Scale


In the last three days, both The Globe & Mail and CBC News have published disturbing stories about the scale of the Chinese infiltration of the Vancouver housing market that go well beyond anything understood or encompassed by BC government or federal government action on the problem. The CBC reported that at least $13.5 Million in cash has been confiscated from Chinese recently entering Canada at Vancouver International Airport. The following story, reblogged from The Globe & Mail, tells a tale of fraud, manipulation, and tax evasion on a massive scale. It also tells an embarrassing tale of gross incompetence by Canadian authorities. All of this is consistent with other investigative journalists reports from the United States on other similar fraudulent Chinese real-estate activities. Some of these reports go back years. The original Mossack Fonseca “Panama Papers” revelations that indicated that many of the Chinese elite with family links to Li Xinping, and The People’s Liberation Army had Mossack Fonseca accounts should have been a red flag for Canada, but was not. We are living in an entirely new global economy manipulated by dark forces. What will we do now that Vancouver has been ruined for decades to come?

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How Canada Got Into Bed With Tax Havens


How Canada got into bed with tax havens 1980 treaty with tiny Barbados paved way for billions to legally flow offshore By Zach Dubinsky, CBC News Canadian companies have flocked to Barbados with their cash for decades in order to legally avoid paying Canadian taxes. (The Associated Press) On a cold December afternoon in 1980, with […]

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The Panama Papers and Thomas Piketty


I am sharing this because of its particular relevance to the ongoing revelations about connections between global tax evasion shell companies and real estate markets: London, Miami, New York City, San Francisco and Vancouver.

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Panama Papers Canadian Connection


The release of the Panama Papers is of such potential significance and magnitude that it is difficult to know where to begin. I have decided that I will begin with the most interesting and relevant topic for me, the Canadian angle: possible links from Mossack Fonseca’s tax haven shell companies to the Vancouver BC real estate market, the current Canada Revenue Agency investigation of KPMG’s Canadian offshore tax haven scheme, and potential conflicts of interest within CRA. The KPMG and CRA issues have been extensively investigated and reported by CBC News, and also discussed on this site.

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Wealthy KPMG Clients Offered Amnesty in “Offshore Tax Sham” – CBC


In a continuation of the story first reported by the CBC some months ago, and also reported here, the CBC has discovered a secret CRA amnesty offer to fifteen wealthy KPMG Canadian clients. There is no “quid pro quo” included in the amnesty offer, requiring that the individuals provide evidence or testimony in the current CRA case against KPMG in the Courts. It should be noted that the UK government is also pursuing prosecutions of at least four KPMG partners in the United Kingdom. KPMG settled out of court in a similar case in the United States. The Swiss government has also successfully prosecuted UBS for a similar tax haven scheme.

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Four KPMG Senior Execs Arrested on Tax Evasion Charges


Four senior executives from the Belfast office of international accountancy firm KPMG have been arrested on tax evasion charges. KPMG acknowledged in a press release that four of its top executives in Northern Ireland were arrested Wednesday.

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Pfizer’s Corporate Tax “Inversion” To Ireland: Masqueraded Tax Evasion


Pfizer’s announcement this week of its intricate $160 Billion merger/acquisition with Irish pharmaceutical company Allergan, revealed that Pfizer will be moving the new corporate headquarters to Dublin. Essentially, Pfizer, the much larger company, is providing a bridging loan to Allergan to purchase Pfizer so that it may move to Ireland. This enables Pfizer to avoid paying U.S. taxes, even after receiving massive support for R&D from U.S. government programs.

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KPMG Canadian Tax Scheme Suspiciously Similar to UBS Tax Evasion Fraud


Canada is routinely cited as a boring backwater in financial services that has none of the scandals plaguing the rest of the industry. But in an extraordinary investigative report on The National, CBC’s Ian Hanomansing revealed an ongoing Canada Revenue Agency investigation, and a looming criminal investigation into KPMG Canada’s Isle of Man tax “haven” scheme reserved for its wealthiest clients. The report names names. Current Canadian government ministers are also implicated in apparent conflicts of interest.

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How to Say “Look at Me!” to an Online Recruiter


globally recognized “avatar” The article below from yesterday’s New York Times, underscores the importance of having a professional online presence on LinkedIn, Twitter.  YouTube and developing your own blog are emphasized.  I congratulated one of my fourth year students yesterday for posting her first group discussion topic on LinkedIn.  It was a great topic for […]

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