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British Pm’S Father Avoided Taxes ‘By Moving Fund To The Bahamas’

British Prime Minister David Cameron. (AP)

British Prime Minister David Cameron. (AP)

By AVA TURNQUEST

Tribune Chief Reporter

aturnquest@tribunemedia.net

THE country’s financial services sector is in the spotlight after it was revealed that British Prime Minister David Cameron’s father avoided taxes for his investment fund by moving it to the Bahamas and employing scores of Bahamians - including a lay bishop.

The revelation was included in the “Panama Papers”, a massive data leak that has rocked countries around the world with the offshore dealings of the world’s wealthy elite ranging from prime ministers and former heads of state to famous actors and sports icons.

Financial Services minister Hope Strachan said the government took the data leak very seriously, and called a press conference yesterday to undercore the industry’s compliance with major regulatory body OECD and US regime requirement FACTA.

The Guardian, a British national daily newspaper, reported that Mr Cameron has now come under fire to divulge whether his family’s money was still invested in the fund that his father - the late Ian Cameron - served as a director of until shortly before his death in 2010.

Incorporated in Panama but based in the Bahamas in the 1980s, Blairmore Holdings Inc retained up to 50 Caribbean officers each year, according to reports.

“Their job was to sign paperwork and fill roles such as treasurer and secretary. They included the late Solomon Humes, a lay bishop with the non-denominational Church of God of Prophecy. He acted in various roles including vice-president over a number of years from the mid-1990s,” the report read.

“Through the Bahamas branches of Coutts and later SG Hambros, Blairmore retained dozens of local residents. There is no suggestion this arrangement was illegal and it was used by other offshore funds at the time. The signatories were authorised to perform complex financial tasks. They could, company minutes state, “sell or buy any stocks, shares, annuities” and even “precious metals”,” the report read.

However, the documents purport that big investment decisions were taken in the UK. The report read: “Board meetings were held every year in Nassau and Switzerland, often in the five-star Hotel Beau-Rivage in Geneva. While the Europeans regularly jetted out to the Caribbean, there is little evidence of travel in the opposite direction, raising questions about how much the Bahamas directors contributed to strategy and decision making.”

According to reports, Blairmore moved from Panama to Ireland in 2012 and still exists today, with more than $31m (£22m) under management. The Guardian confirmed that the investment fund has never paid tax in the UK on its profits.

The data leak of some 11 million documents by a Panamanian law firm, Mossack Fonseca, to a German news agency, Suddeutsche Zeitung, is being described as the biggest leak in the history of journalism.

It has sparked widespread calls for investigations, increased crackdown on financial services and even large scale protests in Iceland as its Prime Minister was revealed to have hidden offshore assets.

Several countries have launched investigations from the data obtained in the leak, such as the United States and France.

The Panama Papers contain nearly 40 years of records and will be made available to the public next month.

Comments

Economist 3 years, 7 months ago

If I recall correctly, It was not until 1984 or 1988 that there was legislation with respect to "tax avoidance".

What Cameron's father was doing was legal at the time. He was not evading tax, which was illegal, he was merely avoiding it, which was not illegal.

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SP 3 years, 7 months ago

............ Let's pull our heads out of our ass's just for a minute ..............

Stop the steaming horse nanny! Evading is a synonym of avoiding:

http://www.thesaurus.com/browse/avoiding">http://www.thesaurus.com/browse/avoiding

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Chucky 3 years, 7 months ago

think the article says this was carried on until 2012

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ThisIsOurs 3 years, 7 months ago

Financial Services minister Hope Strachan said the government took the data leak very seriously,

They CAN'T be serious, didn't they just say LAST WEEK that they had no concern about Jerome Fitzgerald reading private emails?

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Economist 3 years, 7 months ago

They don't understand the concept of "actions speak loader than words".

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TalRussell 3 years, 7 months ago

Comrades even as we think we have the worst politicians, we come across South Africa's President Jacob Zuma.
Zuma faced over 700 charges of corruption and that was even before being elected president, but obviously not enough to have raised a red flag for South African voters?
Currently South Africa’s constitutional court ruled that Zuma improperly used $15 million dollars in state funds for “home upgrades, not to renovate'' at his palatial homestead.
Pretty strange amount money for a man that can't even count that high?
Hilarious but true. - This is an actual video of South African president Jacob Zuma, attempting to say 769,870.

..........////https://www.youtube.com/watch?v=oO83b...">https://www.youtube.com/watch?v=oO83b...

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SP 3 years, 7 months ago

Politicians are a fraternity of well dressed, slick talking international pirates committed to enriching each other at the expense and detriment of common people!

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SP 3 years, 7 months ago

................................... Which came first, the politician or the pirate? .................................

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