Newly-leaked documents reveal the private estate of Britain’s Queen Elizabeth has invested millions of pounds in the British Caribbean tax havens of the Cayman Islands and Bermuda.

According to documents obtained by the International Consortium of Journalists, around 10 million pounds (13 million dollars) of the queen’s private cash is said to have been tied up in offshore portfolios.

The leak, dubbed the Paradise Papers, contains 13.4 million documents, mostly from one leading firm in offshore finance. Nearly 100 media groups are investigating the leaked papers.

The core of the leak, totaling more than 13.4 million documents, focuses on the Bermudan law firm Appleby, a 119-year-old company, whose clients are corporations and very wealthy people. Appleby helps clients reduce their tax burden; obscure their ownership of assets like companies, private aircraft, real estate and yachts; and set up huge offshore trusts that in some cases hold billions of dollars.

Many of the leaked documents reveal how politicians, multinationals, celebrities and high-net-worth individuals use complex structures of trusts, foundations and shell companies to protect their cash from tax officials or hide their dealings behind a veil of secrecy.

The files show the offshore empire is bigger and more complicated than many had imagined.

What are the offshore tax havens?

Essentially the tax havens are places outside a country’s regulations, to which companies or individuals can redirect money, assets or profits to take advantage of lower taxes rates than their own country.

These jurisdictions are known as offshore tax havens, to use the more technical jargon, offshore financial centers (OFCs). They are generally stable, secretive and reliable, often small islands but not exclusively so, and can vary on how rigorously they carry out checks on wrongdoing.

Britain has a big role in the flourishing of these entities, not simply because so many of its overseas territories and crown dependencies are OFCs, but many of the lawyers, accountants and bankers working in the offshore industry operate out of the city of London.

Who hides the cash?

Wealthy individuals and large companies have one thing in common: enormous amounts of money they want to hide from taxing.

Some of the world’s biggest multinationals feature in the leak, including Apple, Nike and Facebook, as well as some of the richest people in the world, from the British monarch to Bono, and from the stars of British sitcoms to the stars of Hollywood.

Brooke Harrington, renowned author of Capital Without Borders: Wealth Managers and the One Percent, said offshore finance is not for the 1 percent but the .001 percent.

Source: Presstv

IMF team reached a staff level agreement with the authorities on policies that could support approval of the first review. Growth is decelerating, mostly due to weaker oil production.

The team and authorities agreed on the need to implement without delays measures to strengthen the financial sector, enhance the business environment to boost private sector investment and economic diversification, and achieve a more inclusive growth.

An International Monetary Fund (IMF) team, led by Ms. Corinne Deléchat, visited Yaoundé from October 24 to November 3, 2017 to conduct discussions for the first review of the program supported by an Extended Credit Facility (ECF) that was approved in June this year.

At the conclusion of this visit, Ms. Deléchat issued the following statement:

“The IMF team reached staff level agreement with the authorities on economic and financial policies that could support approval of the first review of their three-year program under the ECF. The IMF Executive Board is expected to consider the first review mid-December 2017. The completion of the first review would enable a second disbursement of SDR 82.8 million (about US$116.3 million).

“The country’s economic program has remained on track, despite a challenging backdrop. All quantitative performance criteria under the program for end-June 2017 have been met. In addition, all structural benchmarks through end-October have been implemented except for two, which have been modified. The authorities have also implemented measures to improve revenue mobilization, increase transparency of budget execution, enhance cash management and maintain financial sector stability.

“Growth is decelerating, mostly due to weaker oil production. Growth for 2016 has been revised downward slightly from an earlier estimate of 4.7 percent to 4.5 percent. For 2017, growth is projected at 3.7 percent, while inflation is expected to remain low, falling to 0.5 percent. The fiscal deficit should decrease as projected from 6.2 to 3.1 percent of GDP in 2017 despite a shortfall in oil revenue, which will be mostly offset by a reduction in current spending.

“The draft 2018 budget envisages a further reduction of the budget deficit to 2.3 percent of GDP, in line with the objectives of the ECF-supported program. To reach this target, the authorities will implement a set of measures to strengthen revenue mobilization by continuing to widen the tax base while continuing to rationalize and enhance the quality of public spending. In particular, the authorities intend to strictly prioritize public investment, focusing on current priority infrastructure and related projects, and projects with a high socio-economic impact.

“The team highlighted the importance of containing new borrowing, particularly on non-concessional terms, to preserve debt sustainability. The large stock of contracted but yet undisbursed debt is a symptom of remaining weaknesses in project preparation and implementation, amid an ambitious public investment program. The team encouraged the authorities to promptly implement the measures they have identified to reduce this backlog and ensure higher project execution rates going forward.

“The IMF team welcomed the reform momentum in public financial management and discussed key reforms that have been highlighted by the recent Public Expenditure and Financial Accountability (PEFA) analysis. In particular, the recent progress with the transposition of the six Directives on public finances harmonization in the Central African Economic and Monetary Community (CEMAC), the imposition of limits on the use of exceptional budget procedures and the preparation of a strategy to enhance the coverage of the single treasury account should help enhance the credibility and transparency of the budget. Furthermore, the team and the authorities agreed on the necessity to implement without delays measures to strengthen the financial sector, enhance the business environment to boost private sector investment and economic diversification, and achieve a more inclusive growth.

“The team met with Prime Minister Philémon Yang, Minister Secretary General at the Presidency Ferdinand Ngoh Ngoh, Minister of Finance Alamine Ousmane Mey, Minister of Economy, Planning, and Regional Development Louis Paul Motaze, BEAC National Director Jean-Marie Mani, and other senior officials and representatives of the diplomatic community, development partners and private sector.

“The team wishes to thank the Cameroonian authorities for their hospitality, cooperation, and the constructive dialogue.”

Source: Oil and Gas News

Following a directive issued by the Cameroon’s Telecommunications Regulatory Agency, Vodafone Cameroon has confirmed it has suspended its internet services in the country until further notice. Vodafone Cameroon is operated by Afrimax under a non-equity partner market agreement with Vodafone Group. Authorities in Cameroon are making moves to compel Vodafone to apply for its own license.

Since it began operations in 2016, Vodafone had been using the license issued to Northwave SARL which was subsequently acquired by Afrimax Group to create Vodafone Cameroon. This arrangement, according to authorities, is illegal.

Minette Libom Li Likeng, Cameroon’s Minister of Posts and Telecommunications said he directed the Telecommunications Regulatory Agency (ART) to withdraw the operating license issued to Northwave SARL, thus compelling Vodafone to apply for its own license – since the operator would not be allowed to operate until it secures a license from the government.

Likeng said the government has applied the law governing the establishment and operation of networks and supplies of electronic communication services authorisation system in Cameroon. Under the law, licenses are personal, non-transferable and do not confer any right of exclusivity. With this condition, Likeng said Northwave SARL’s operating license cannot be transferred to Vodafone Cameroon.

Likeng said, “I’ve had discussions with Vodafone Cameroon officials in recent months, and I’ve told them that they have to apply for a license in good form and will have to pay to provide 4G LTE to the population.”

Going forward, he confirmed that his ministry directed the company to suspend its plan to expand its operations to eight additional cities, adding that if allowed to continue to operate, Vodafone would not be competing fairly with other players who paid US$136 million (CFA75 billion) each for operating license.

Antoine Pamboro, CEO Vodafone Cameroon, in a statement apologised to customers and said the company is working hard to restore services as soon as possible.

“To date, Vodafone Cameroon has contributed 3 billion CFA to the State of Cameroon, including 2 billion CFA in taxes and duties and 1 billion CFA for regulatory fees. Vodafone Cameroon has 116 employees and indirectly created 1,055 jobs with more than half of the workforce composed of young graduates,” Pamboro stated.

Prior to the latest development, Vodafone was expanding its 4G LTE services across the country, starting with 8 regions following a partnership with CAMTEL. Richard Achu, Vodafone Cameroon’s Sales and Distribution Director, said the company will not renege on its vision to extend its operations across the country.

“Vodafone Cameroon will enable anyone with a 4G compatible equipment to benefit from the best 4G LTE network as it is already the case in Douala and Yaounde. We want to extend our 4G LTE ultra-fast network in the ten regions of the country before the end of the year. We will do our utmost best to achieve this,” Achu said.

Source: ITwebafrica