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Post by mygirlwantsarock on Feb 23, 2017 14:49:45 GMT -5
www.offshorenewsflash.com/2017/02/23/panamas-president-juan-carlos-varela-signs-convention-mutual-administrative-assistance-tax-matters-law/The door just got knocked wide open. Excerpt below: President of Panama Juan Carlos Varela signed into law today the implementation of the Convention on Mutual Administrative Assistance in Tax Matters (MAC), which allows for sharing tax information multilaterally on request with the 107 jurisdictions that are part of the convention and provides a common legal basis for cooperation on tax matters. In implementing the MAC, Panama officially joins all countries from the G20, BRIICS, OECD, and other major financial centers, as well as an increasing number of developing countries as members to the convention. “The signature of the MAC into law today is one more step to modernizing and transforming Panama’s financial and services platform, as it establishes the framework for the implementation of international transparency and cooperation initiatives,” said Luis Miguel Hincapie, Deputy Minister of Foreign Affairs, who added, “Starting today, the 107 tax jurisdiction cosignatories to the MAC can request information from Panama without having to negotiate a bilateral treaty.” The mechanism enables several channels for administrative cooperation between the jurisdictions, while also permitting reservation on specific tax categories, including real estate, vehicle, consumption, inheritance, social security, and donation taxes. D Dan
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Post by imSINGLEruRICH on Mar 28, 2017 10:15:03 GMT -5
4 hours ago capten said:In addition to the prison incarceration, U.S. District Judge Jennifer Dorsey sentenced Turino to five years of supervised release and ordered him to pay $35 million in restitution. misterhandsome DIAMOND JEDI MASTER 2 hours ago I would be interested in seeing how this was structured - perhaps it wasn't. I do not mean to repeat myself but here is what I am getting at - the supervised release involves terms - is a contract in effect. So the terms of that release are important. So as it relates to restitution, is the defendant given the entirety of his supervised release to pay it back or is supposed to be on some sort of payment plan? We do not have debtors prison (where you have sit in jail until the debt is paid) but I have seen judges locally deem the failure to pay restitution a violation of their probation and then make them serve the remainder of their sentence. Victims didn't get all their money but Defendant wasn't allowed to just walk either. Not sure in our case. Maybe doesn't matter in the end, but I was just curious. Now I know that theories abound and the debate is serious among many. So understand, I am just throwing this out there for what its worth. I was reading an article a while back about the Panama Papers and got to thinking, imagine you had piles of stolen cash where would you put it? One thing we have learned is that politicians and criminals (but then I repeat myself) have set up off-shore trusts. One very important part of the PP story line is that not only are the existence of trusts secret, even when the trusts is discovered often the "beneficial owners" are secret. So following that logic, what if there is a trust with which these defendants are the "beneficial owners" - but in reality, the money was stolen and should belong to the shareholders that were victims of the fraud. I understand its a lot of conjecture and "what if's" - but rather than just taking the position that all other theories are impossible, I have tried to think and search for plausible explanations or alternative avenues to be made whole. It might be as likely to happen as GCR, etc, etc, but its at least tangible. Hope everyone is well MH www.kansascity.com/news/nation-world/national/article87617682.htmlPanama Papers reveal yet another secretive aspect of hedge funds"The kinds of secret offshore companies that have hidden political corruption and tax evasion around the world are often used by Wall Street’s biggest money makers — the $2 trillion hedge fund industry. The now-famous Panama Papers leak offers rare insight into the workings of this exclusive investment club. Hedge funds accept individual investors with net worths of $1 million or more and worker pension funds with $5 million or more. They and their investors often locate in tax havens such as the Cayman Islands or the British Virgin Islands." =cpy
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