The Truth About Tax Scams (FT Press Delivers Elements)

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Barclays helped to fund President Robert Mugabe 's government in Zimbabwe. Opponents have called the bank's involvement a 'disgrace' and an 'insult' to the millions who have suffered human rights abuses. Barclays also provides two of Mugabe's associates with bank accounts, ignoring European Union sanctions on Zimbabwe.

In March , Barclays was accused of violating international anti-money laundering laws. According to Global Witness, Obiang purchased a Ferrari and maintains a mansion in Malibu with the funds from this account. They did this by 'stripping' information out of wire transfers, thereby concealing the source of funds.

Barclays was accused by HMRC of designing two schemes that were intended to avoid substantial amounts of tax. Tax rules forced the bank to tell the UK authorities about its plans. The United States Department of Justice and Barclays officially agreed that "the manipulation of the submissions affected the fixed rates on some occasions". The BBC said revelations concerning the fraud were "greeted with almost universal astonishment in the banking industry.

If the Barclays board has any backbone, they'll sack him. Barclays' June and November capital raisings are the subject of investigations. Barclays had sought to raise capital privately, avoiding direct equity investment from the Government of the United Kingdom and, therefore, a bailout. In June , following a five-year investigation by the UK's Serious Fraud Office covering Barclays' activities during the financial crisis of — , former CEO John Varley and three former colleagues, Roger Jenkins , Thomas Kalaris and Richard Boath , were charged with conspiracy to commit fraud and the provision of unlawful financial assistance in connection with capital raising.

In February , the Serious Fraud Office charged Barclays with "unlawful financial assistance" related to billions of pounds raised from the Qatar deal. In June the US state of New York filed a lawsuit against the bank alleging it defrauded and deceived investors with inaccurate marketing material about its unregulated trading system known as a dark pool. Specifically, the firm was accused of hiding the fact that Tradebot participated in the dark pool when they were in fact one of the largest players. The state, in its complaint, said it was being assisted by former Barclays executives and it was seeking unspecified damages.

A month later the bank filed a motion for the suit to be dismissed, saying there had been no fraud, no victims and no harm to anyone.

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The New York Attorney General's office issued a statement saying the attorney general was confident the motion would fail. Furthermore, when clients questioned Barclays about these rejected trades, Barclays failed to disclose the reason that the trades were being rejected, instead citing technical issues or providing vague responses. From Wikipedia, the free encyclopedia.

This article is about the British banking firm. For items that may be pluralised as "Barclays", see Barclay disambiguation. London , United Kingdom. Operating income. Net income. Further information: tax avoidance. Main article: Libor scandal. Banks portal Business and economics portal Companies portal London portal.

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Retrieved 2 March Retrieved 25 February Retrieved 16 August Die Zeit in German. Archived from the original PDF on 4 October Bibcode : PLoSO Barclays Newsroom: Business History. Retrieved 30 January Retrieved 11 May Slavery and Capitalism. London: Deutsch.

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The Gleaner. Retrieved 15 January Barclays: The Business of Banking, Cambridge University Press. Heritage City. Archived from the original on 17 July Retrieved 19 March Stirling Archives. Pohl, Manfred; Freitag, Sabine eds.

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Handbook on the history of European banks. Aldershot, Hants, England: E. Retrieved 10 October The Guardian. Retrieved 1 January BBC News. Retrieved 25 September Investors chronicle and stock exchange gazette. Accessed 4 May CIO Magazine. July Retrieved 4 May The secondary banking crisis, — its causes and course. Funding Universe. Retrieved 28 March Retrieved 28 June Retrieved 23 August Law of bank payments. The banking revolution: salvation or slaughter? Financial Times Pitman.

The New York Times. Retrieved 18 April Archived from the original on 2 November Archived from the original on 17 May The Independent. The Globe and Mail. Archived from the original on 17 August Archived from the original on 7 January Retrieved 2 February The Wall Street Journal. City A. Archived from the original on 25 January This makes it very difficult for investors to see whether a company is prioritising short-term financial targets at the expense of longer-term value creation that is not immediately recognised in the financial statements.

That can lead to capital being diverted from companies pursuing long-term strategies in favour of those prioritising short-term earnings. Responding to this need, in we published what we call our Management Commentary Practice Statement —basically a non-mandatory guide for how to write the front of an annual report. It should help management provide a broader context for the financial statements, which is why I like to refer to broader financial information. Since , a lot has happened in this space. As the technology giants have taken off, there is much more interest in the impact of intangibles.

And of course, many advances have been made in the environmental, sustainability and governance ESG reporting space, none of which was anticipated by our own Practice Statement. However, we continue to hear concerns from investors over the quality and focus of information that they are receiving. For these reasons, we have started working on a major overhaul of this Practice Statement. The updated Practice Statement will remain primarily focused on the broader financial information needs of investors.

We want companies to report on what is strategically important to them, including how remuneration policies align with their long-term objectives. There will be more focus on intangibles. And of course, companies will have to tell how sustainability issues, including climate changes, may impact their business if that impact is material. In the final part of my speech I would like to make some general observations on sustainability reporting. First, there are simply too many standards and initiatives in the space of sustainability reporting. This leads to a lot of confusion among users and companies themselves.

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Yet another agency puts it somewhere in the middle iii. People may be forgiven for not making heads or tails of it. Moreover, with so many standards, the potential for disclosure overload is enormous. Consolidation is clearly needed. A useful first step are the efforts of the Corporate Reporting Dialogue, chaired by my former colleague Ian Mackintosh, to align the frameworks of various standards in this area.

Second, we should not have exaggerated expectations about sustainability reporting as an agent for change. Let us not forget that full transparency did little to curb excess in corporate remuneration. Equally, we should not expect sustainability reporting to be very effective in inducing companies to prioritise planet over profit.

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Greenwashing is rampant. Coming back to aviation, we do not need sustainability reporting to know that flying is very bad for the environment. Yet we all love our trips abroad and the number of flights continues to grow year by year. In the end, financial incentives remain crucial in combatting climate change. For this reason, I strongly believe that the most promising strand of sustainability reporting comprises those standards that focus on the investor and on the impact of sustainability issues on the future returns of the company.

While some investors may be swayed to invest in companies that show good corporate responsibility scores, ultimately the impact of sustainability issues on future financial returns will have a much bigger impact on investment decisions. In this respect, a lot of work still needs to be done. Just recently, the Economist ran a sobering story called The truth about big oil and climate change.

It showed that even though the annual reports of the big energy companies tell a positive green story, investment in fossil fuels continues to grow strongly and dwarfs the investment going into renewables iv. The oil companies see the demand for energy surging and have no immediate reason to fear drastic carbon pricing measures in many parts of the world. For investors these companies remain attractive, with four of the 20 biggest dividend payers being oil majors.

This goes to show that sustainability reporting requirements cannot get politicians off the hook in terms of the need for credible climate-change policies. It is good that the G20 is promoting climate-related disclosure; it would be a thousand times better if they could agree on the introduction of a kerosene tax.