Grandstanding politicians in the US and the UK are “misinformed, hypocritical and demonstrate monumental naivety” on the Paradise Papers debate, according to Nigel Green, the founder and CEO of deVere Group.
Green points to comments the British leader of the UK opposition party, Jeremy Corbyn, and the veteran US senator and former presidential hopeful, George Sanders, amongst others, who have spoken out publicly in the wake of the leak of more than 13.4 million documents, dubbed the Paradise Papers.
Green calls the sensationalism “out of control”, accusing reports of masking the reality of the situation.
“Corbyn implies the Queen, rock stars, and multinational firms, amongst others, must apologise for benefitting from legal, tax-efficient schemes,” said Green. “Meanwhile, Sanders maintains that money in offshore accounts illustrates the movement towards an ‘international oligarchy’.
“This hyperbole is unhelpful, misleading and demonstrates their monumental naivety.
“It’s time to set the record straight.”
Green points that the vast majority of international financial centres are now transparent and appropriately regulated provide “a sought-after service” for individuals and organisations across the globe.
‘Serious global issue’
But he does conceded that the ‘Paradise Papers’ leak does indeed highlight that “more needs to be done” to increase efficiency and cooperation in some regards and jurisdictions. However, he points, the current furore is distracting attention and resources away from the “serious global issue” of tax evasion.
“Internationally-mobile individuals and firms typically find that offshore accounts are a sensible option because of their convenience,” said Green. “They offer centralised, safe, flexible and worldwide access to their funds no matter where they live and no matter to which country the person or firm might relocate in the future.”
Green is no stranger to controversy and, as reported, has often attacked politicians in the US and the UK over offshore industry matters, including leading a campaign against the US double tax situation brought about FATCA.
“The notion that the majority of individuals and firms in these allegations are ‘getting away’ with mitigating their taxes liabilities legally is absurd,” added Green. “It is akin to someone ‘getting away’ with driving at 50mph in a 50mph zone.”
“Tax is a legal impost and it is individuals and corporations duty to comply within the laws and organise their financial affairs in order to pay what they are required legally.”