and so a resident of the cayman islands pays tax to the cayman islands government by way of indirect taxation that is to say particular stent duties import u.t.s. fees of that sort rather than having income or other sorts of tax but that's not a system that oversees invest the benefits from at all however whether it is a more efficient model for other jurisdictions to adopt is a very interesting philosophical question personally i think it is because our indirect system of taxation is highly efficient in terms of revenue collection if you want to get your new b.m.w. into the cayman islands you have to pay forty percent stat import u.-t. to the collector or you don't get your b.m.w. so there's no question of avoiding tax under an indirect system such as the cayman islands applies well i think he came out and. also has a rob they're well protected it's not protectionist labor market that it's actually you know has a lot of regulation that tries to shield your people from the i would call it exploited if excesses of globalization do you think object countries should do more of that and

and so a resident of the cayman islands pays tax to the cayman islands government by way of indirect taxation that is to say particular stent duties import u.t.s. fees of that sort rather than having income or other sorts of tax but that's not a system that oversees invest the benefits from at all however whether it is a more efficient model for other jurisdictions to adopt is a very interesting philosophical question personally i think it is because our indirect system of taxation is highly efficient in terms of revenue collection if you want to get your new b.m.w. into the cayman islands you have to pay forty percent stat import u.-t. to the collector or you don't get your b.m.w. so there's no question of avoiding tax under an indirect system such as the cayman islands applies well i think it came out and. also has a rather well protect if it's not protectionist labor market then it's actually you know has a lot of regulation that tries to shield your people from the i would call it exploitative excesses of globalization do you think object countries should do more of that and if t

and so a resident of the cayman islands pays tax to the cayman islands government by way of indirect taxation that is to say particular stent duties import u.t.s. fees of that sort rather than having income or other sorts of tax but that's not a system that oversees invest the benefits from at all however whether it is a more efficient model for other jurisdictions to adopt is a very interesting philosophical question personally i think it is because our indirect system of taxation is highly efficient in terms of revenue collection if you want to get your new b.m.w. into the cayman islands you have to pay forty percent stat import u.-t. to the collector or you don't get your b.m.w. so there's no question of avoiding tax under an indirect system such as the cayman islands applies well i think he came out and also has a rob they're well protected if not for tax in this labor market and it's actually you know has a lot of regulation that tries to shield your people from the i would call it exploited if excesses of globalisation do you think odd that countries should do more of dogs and

no no no longer used in the cayman islands and possibly liquidated but bear in mind that's out of a total of around one hundred thousand so it's a statistically irrelevant. percentage well it's been asked summated that this different deferral provision allowed companies to stockpile an estimated three point one trillion years dollars offshore and some of them for example apple have already said that they they would be paying those taxes directly in the united states you just said that it is a statistical irrelevance as far as the cayman islands. are concerned but i wonder if this shift in the u.s. taxation regime may alter. the the course of globalization in any way surely arlan should be feeling the pinch or do you think it's a trick or treater truly are and should although there are other reasons why allah has been successful particularly and efficient at a low cost labor force. but the euro bear in mind the three point one trillion number you mentioned came about because u.s. law wanted us corporations to be able to defer tax off shore because it operated what was known as a capital ex

directly in the united states you just said that it is a statistical irrelevance as far as the cayman islands. are concerned but i wonder if this shift in the u.s. taxation regime may alter the course of globalization in any way surely arlen should be feeling the pinch or do you think. truly island should although there are other reasons why arlen has been successful particularly you know and efficient and low cost labor force. but the you know bear in mind the three point one trillion number you mentioned came about because u.s. law wanted us corporations to be able to defer tax offshore because it. operated what was known as a capital export neutrality system and if it hadn't allowed for the deferral us corporations would under the previous law have been taxed twice on the global profits and therefore been noncompetitive with with say european corporations which was only tax once now in the us they they have just found under the tax cuts and job performance they've just amended that structure so that us corporate for now be taxed only territoriality basis that is to say in the jurisdiction

reports on their trading profits in any cayman island to cal it to the russians or it is mrs harris i will tell you why the russians see well at least the majority of the russian people and that the some part of the russian government don't see much problem but that is because they believe that the main purpose of legislation is to provide a more intense information exchange between tax authorities well but to be fair ethically at least would make tax evasion which is a huge problem for this country a little bit more difficult especially as the new technology come on board the next bit of this process is it too naive to say just that big golden era of hiding assets especially ill gotten assets which is the problem for russia for example is slowly but surely coming to an end i think i have absolutely right. i would say that it had come to an end in the cayman islands almost twenty years ago when we entered into the tax information exchange agreements for tax evasion which is what you're describing now. that was off the table for at least twenty years and they came at all it just was

i would say that it had come to an end in the cayman islands almost twenty years ago when we entered into the tax information exchange agreements for tax evasion which is what you're describing now. that was off the table for at least twenty years and they came at all it just was not possible to do it because of the ability of tax or thought has to make inquiry under the treaties a common reporting standard takes it to a new and higher level by requiring pro-active reporting with regard to those accounts of any known resident of the cayman islands back to the tax authorities in question so i think you're right it is true to say that not every country in the world is a signatory of the common reporting standard fatca operates in relation to the united states only and extraterritorial globally as a matter of u.s. law to cover reporting said operates differently by way of a multilateral treaty and i would say that you're absolutely right it makes it virtually impossible now to evade taxes by way of known this leisure in a criminal way by use of any offshore account now you know i have a

banks all set up through me something if you're something going to america something overseas or cayman island to do all these banks are complicit in the tough talker just have to deal with phone and say hey i'm ready to do some serious wounds ok let's see how we did while we've got a nice laundry watch for max and for stacy oh beautiful jewelry and how about. a bill for a match you know what money is highly. watched kaiser of course. across europe municipalities are taking their water supply back from private companies who feel it's in its people this is a simple song alone even cycle many guests will elsewhere they invite private companies to take over the utilities anybody tell us that all posts. laxness you guys you've got to be violent up in my book. i've been this is a map of us to quote them out of office and for you fans of the lift hill florida locals are ready to stand up for the basic human rights of access to water it's about water but it's also over much more than water it's about to hurt and the redistribution of all our west works and dare date downwards the one dollar. despite

they've closed down the cayman islands subsidiaries it had.still stands that these utilities were starved of maintenance money and therefore we are having burst water mains. this is the other interesting pa rt mains. this is the other interesting part to me, the press reportsjohn mcdonnell as if he is crazy. but they were all over him at davos. these people are hard—nosed business people, if they think he's nuts they're not going to be there for him so he's getting lots of attention notjust him so he's getting lots of attention not just because him so he's getting lots of attention notjust because they might think labour is going to win the next election but they are paying attention to him. we need deeper analysis, i don't understand how he will make this work on the surface, but people in the city think he can because they're listening to him and that's what we need to talk about with deeper reporting. let's turn to our favourite subject... the telegraph. two brexit stories, starting with the telegraph. excuse me, winter flu. barnier is risk

in 2015 he moved that lawsuit from the cayman islands to the u.s., to virginia. he was really going after manafort and gates for millions of dollars he said they stole from him and they needed to pay back. again, august 2015 he moves that case to virginia. once that case moves to the united states they end up deposing manafort and rick gates in that case because deripaska is coming after him. deripaska himself isn't allowed to come to the united states because of those crime ties, but he is in the russian government and has people working on this case. but then manafort and gates sipe onto become chairman and deputy chairman of the trump campaign and all of a sudden again the pressure seems to go away. quote, early in the presidential campaign deripaska representatives openly accused manafort of fraud. after trump's nomination deripaska's representatives said they would no longer discuss the case. and we also now know that something was going on during the trump campaign. while manafort and gates were chairman and deputy chairman something was going on between th

something in america something over the cayman island to do all these banks are complicit in their tough talk or sued us up to. to do some serious muhlenberg ok let's see how we did while we've got a nice luxury watch for max and for stacy old beautiful jewelry and how about the cookbook called luxury automobile for max you know what money laundering is highly illegal. much cause it could. seem wrong. just don't call. me that you get to shape out these days to come to council. and in jail because the trail. when so many find themselves worlds apart we choose to look for common ground. hey everybody i'm stephen baldwin gosh task hollywood guy you know suspects every proud american first of all i'm just george washington and r.v. i'm going to suggest this is my buddy max famous financial guru and well he's a little bit different i'm not a brown one can find i know no one knows up with all the drama happening in our country i'm shooting the road have some fun meet everyday americans coming home and hopefully start to bridge the gap this is the great american people which. join me every thur

banks all set up here maybe something in your something in america something overseas in the cayman islands or do we do all these banks are complicit in the park received we just have to give mccoll and say hey i'm ready to do some serious money laundering ok let's see how we did while we've got a nice luxury watch for max and for stacy oh beautiful jewelry how about. luxury automobile again for a match you know what money laundering is highly illegal. much keyser of course. hey everybody i'm stephen bob gosh i want to ask hollywood guy you know suspect every proud american first of all i'm just george bush and r.v. i do suggest this is my buddy max famous financial guru well she's a little bit different i've got a. good handle on the war no one knows up with all the drama happening in our country i'm hitting the road have some fun meet everyday americans come along and hopefully start to bridge the gap it is the great american people which. was. looking at value surveys russians also different from their european neighbors when it comes to individual rights and freedoms however they do hav

banks all set up here maybe something in your something in america something overseas in the cayman islands or do these banks are complicit in the kleptocracy who decide to give mccomas a camera to do some serious muhlenberg ok let's see how we did while we've got a nice luxury watch for max and for stacy oh beautiful jewelry and how about the cookbook on luxury automobile again from that you know what money laundering is highly illegal thank you so much guys because. when i was still seemed wrong. i don't know just don't hold. me long to get to shape out these days to come to advocate and in danger because betrayal. when so many find themselves worlds apart we choose to look for common ground. deal on the table to nearly a full bottle saudi in china six oir here in the. area . an estimated eighteen thousand since under-age refugees are now living in greece . you know still more to go. to your home in there you go food during. the many sell their bodies just to make ends meet. with them the second or the one in the second or the almost since in the point of this is in their lifetimes can it

banks all set up here maybe something in your something in america something overseas in the cayman islands or do we do all these banks are complicit in the kleptocracy who decide to give mccall and say hey i'm ready to do some serious money laundering ok let's see how we did while we've got a nice luxury watch for max and for stacy oh beautiful jewelry how about. luxury automobile again for a match you know what money laundering is highly illegal. much keyser of course. russian athletes at the winter olympics in the. final. closing ceremony in a few hours. in syria. the country. plus. germany. russia meddling in the country's politics only to realize it was a.

hundred twelve countries the us now ranks as the second largest tax haven on earth surpassing the cayman islands race to the bottom of your week. here now to explain more is our senior tax cheat john of o'donnell's. record i don't cheat on my taxes ok frisbee golf equipment. are legitimate business expenses all right. so john after that and things get this. you mean have things get this bad as it came and i. pretty much all there are known for his money laundering and turtle burgers and we've surpassed them on one of those there. are people who are already fatter and dumber but now we have money better for corporations and poorly yet after they know when. we like to eat. some of the ham hocks get lives right in here. john the us has become like you like catnip for tax fraud all right embezzlement bribery money laundering things need to change things aren't. change in baby in just the past three years we've increased our market share of offshore financial services by fourteen percent we now account for over twenty two percent of the entire global market crushing a. kind of. huge corporations all

banks all set up here maybe something in europe something in america something overseas or the cayman islands or do we know all these banks are complicit in their tough talk received us up to give mccoll and say hey i'm ready to do some serious money laundering ok let's see how we did well we've got a nice luxury watch for max and for stacy oh beautiful jewelry and how about. luxury automobile again for a match you know what money laundering is highly illegal. much keyser of course. here's what people have been saying about redacted and. it's full on. the only show i go out of my way to watch it was really packed a punch oh yeah john oliver of r t america is doing the same. apparently better than food that i see people you've never heard of love right back to the night president of the world bank so take. it seriously send us an e-mail very few now to speak pay more attention to peace where the ocean of north korea nuclear issue i personally believe the us kind of can come up in just lucian's but i seem to us has been paying too much attention to military you know solutions but i hope the us

well we have our three banks all set up something and you're going to america something over the cayman islands it will pull these banks were complicit in their attempt. to do some serious money laundering ok let's see how we did well we got a nice watch for. beautiful jewelry. from that you know what money laundering. watch of course. in america a college degree requires a great deal. paying a decade's long debt. studying so hard it requires trust. going through humiliation to enter an elite society. and partying to dance sometimes quite literally. want other true colors of universities in the u.s. . across europe municipalities are taking their water supply back from private companies who create images of people themselves with simple song alone even find company elsewhere though they invite private companies to take over their utilities anybody tell us they're all. allowed from us you guys who got. us by been pieces of us because. of more you than bill bill if bill brought up locals are ready to stand up for the basic human right of access to water it's about water but it's also over much mo

banks all set up here maybe something in your something in america something overseas in the cayman islands it will pull these banks are complicit in the kleptocracy who decide to give my phone and say hey i'm ready to do some serious wounds ok let's see how we did while we've got home got a nice luxury watch for max and for stacy oh beautiful jewelry and how about. luxury on a bill again for max you know what money laundering is highly illegal. much nicer approach. infinitely. from. the from from. this is boom bust broadcasting around the world we're at the crossroads of the world here in front of the nasdaq market site in new york city's times square we've come to the beating financial heart of the globe here and we're going to be here all week bringing you some of the highest quality business and finance shows you'll ever get anywhere in that regard today will be joined by gary door wall of the catton mutual wa firm gary and i have known each other for many years and he's one of the foremost authorities on evolving business and financial landscapes around the world is often quoted in the

banks all set up here maybe something in europe something in america something overseas in the cayman islands or do we do all these banks are complicit in the tough talk or see we just have to give mccoll and say ok i'm ready to do some serious money laundering ok let's see how we did well we've got home got a nice luxury watch for max and for stacy oh beautiful jewelry how about. luxury automobile again for max you know what money laundering is highly illegal don't be a close watch guys of course. everybody i'm stephen ball. task hollywood guy you know suspects every proud american first of all i'm just george washington and r.v.'s to say this is my.

three banks all set up here maybe something in your something in america something overseas in the cayman island it will pull these banks are complicit in the act of congress to decide to. to do some serious wounds are ok let's see how we did while we've got a nice luxury watch for max and for stacy oh beautiful jewelry how about. luxury automobile again from that you know what money laundering is highly illegal. much keyser because. if north korea really believes we're about to conduct a preemptive strike on this could be significant in a serious preemptive strike that may. and they may be motivated to make it to try to be just of the bikes have to go first like. that just. certain i want to do things that show me very stupid really be very clear right. away go to.

fears that a corporate flight from the defacto tax haven ireland is sort of like the european cayman islands will continue while boom bust was at the world economic forum in davos last week irish finance minister pascal donohue defended ireland's tax policies denying that his country is a tax haven and also at davos economist nobel laureate joe stiglitz said ireland was leading a quote race to the bottom on taxes a day after french president mccrone complained of the irish tax policies saying irish corporate rate tax is only twelve point five percent which is so low that in twenty sixteen the european commission found ireland's tax benefits to apple constituted illegal state aid and later referred to ireland's case to the european court of justice by the way apple is just now reporting their quarterly profits will have more on those specifics tomorrow. infrastructure was a key component of president trump's tuesday night speech to the state of the union and he spoke about the infrastructure deficit but the nation has a budget deficit already of roughly four hundred forty billion dollars how

banks all set up here maybe something in europe something in america something overseas or the cayman islands or do we do all these banks are complicit in their tough talk received a soft ball and say hey i'm ready to do some serious money laundering ok let's see how we did while we've got home got a nice luxury watch for max and for stacy oh beautiful jewelry how about. luxury automobile for a match you know what money laundering is highly illegal for a watch guys record. what's going on now is only producing. obl delusional fears it doesn't have any meaning unless it leads to a real kiss which can be. no guaranteed only by it all stressed in a presidential. peabody i'm stephen both gosh i'm a task hollywood guy you'll suspect every proud american first of all i'm just george bush and r.v. to suggest this is my buddy max famous financial guru just a little bit different i'm honest to goodness there are no windows up with all the drama happening in our country i'm shooting the brood have fun every day americans come home and cook for the store to bridge the gap this is the great american peop

have our three banks all set up for something if you're something in america something over the cayman islandsor do we do all these banks are complicit in the tough talk or say we just have to deal with both it's a pretty to do some serious money laundering ok let's see how we did well we've got a nice watch for max and for stacy oh beautiful jewelry. for max you know what money you want to hire. a bunch of course. here's what people have been saying about redacted the night was you know i was actually just full on awesome the only show i go out of my way to find you know a lot of the really packed a punch to leave yampa is the john oliver of hearty americans do the same we are apparently better than food to see people you've never heard of love went back to the night my president of the world bank though hates it but he doesn't write me seriously he sent us an e-mail. to everybody i'm stephen bob. taft hollywood guy you know suspects every proud american first of all i'm just george bush and r.v. to suggest this is my buddy max famous financial guru well he's a little bit different i'm the on

banks all set up here maybe something in your something in america something overseas in the cayman islands or do we know all these banks are complicit in the kleptocracy just after didn't call and say hey i'm ready to do some serious wounds ok let's see how we did while we've got home got a nice luxury watch for max and for stacy oh beautiful jewelry and how about. again for a match you know what money laundering is highly illegal if you watch guys of course. just. no. interest. a controversial memo that shows violations by the f.b.i. and justice department while surveilling the donald trump election campaign is released after approval by the president we have reaction to that coming up in a moment. the memo was sent to congress it was declassified a lot of people should be ashamed of themselves and much worse than that. also ahead on the program the world anti doping agency say seriously concerned with a decision by sports top court to overturn lifetime olympic. twenty eight russian plates. five migrants are shot dozens more injured in a mass brawl out of food bank in the french port city

japan was the largest investor with 2 trillion, followed by the cayman islands and u.k. and china.have approved nominees for top government posts, as the communist party promised changes to the regulatory structure. the central committee finalized the names during a three-day meeting in beijing and will be announced at next week's national people's congress. the names are expected to include the head of the pboc. brussels is telling the u.k. it must pick up the pace is brexit is to succeed. the warning came as michelle barnier published about -- barnier published it. theresa may raising the prospect talks would fail and the u.k. could crash out of the block -- -- of the bloc with no deed no detail. to york once deutsche bank provide information on their ties with the jared kushner. he and his wife have taken on more debt in the past year since they were appointed advisers to president trump. kushner stepped down from the family business when he joined to the administration. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i

ran off with millions of dollars of his money and in august 2015, he moved the lawsuit from the cayman islands to the u.s., to virginia. he was really going after manafort and gates for millions of dollars that he says they stole from him and they needed to pay back. again, august 2015, they depose paul manafort and rick gates and that case as deripaska is after them. deripaska is not able to come to the u.s. because of the organized crime ties and he has people working for him all over the place including people talking to the press about this case he's pressing against manafort and gates but then manafort and gates sign on to be chairman of the donald trump for president campaign and all of a sudden again, the pressure seems to go away. quote, early in the presidential campaign deripaska's representatives accused him of fraud. after trump earned the nomination, deripaska's officials said he would no longer discuss the case. and we know something was going on during the trump campaign while they were chairman and deputy chairman, something was going on between them and deripaska during the ca

if any of us knew what the market would do, we would be billionaires on beach in cayman islands. melissa: we shouldn't be on tv. >> let me say this i show you my age. back in 1987 we had single biggest day in the stock market. there was no recession. no problem whatsoever. the economy continued to grow. on other hand in 2008, things were completely different. what worries me, is not the real economy i think we have decent fundamentals. i worry that the fed, other 10 trillion banks created a bubble. it doesn't mean. melissa: there has been way too much liquidity out there that has to get mopped up. we've seen it in things like people betting on bitcoin. see it in the art market. all over the place you're seeing things get bid up and people, smart people, look at that say, that's too much money washing around everywhere. has it been soaked up a bit here in this wild week? what do you think, carol? >> i certainly think that it has. i think this is investor getting used to the fact that the fed and central banks aren't going to be as accommodative as they used to be but from a timing

now ranks as the second largest tax haven on earth surpassing the cayman islands raised to the bottomf the week. here now to explain more is our senior tax cheat john of o'donnell's. record i don't cheat on my taxes ok frisbee golf equipment. are legitimate business expenses all right. so john has had it out of things get this. you mean have things get this bad as. cayman islands were pretty much all they were known for his money laundering and turtle burgers and we've surpassed them on one of those. our people are already fatter and dumber but now we have money better for corporations and poorly. after they know when. we like to eat. some of the ham hocks get lives. you know john the u.s. has become like catnip for tax fraud all right embattlement bribe or a money laundering things need to change things are changing baby in just the past three years we've increased our market share of offshore financial services by fourteen percent we now account for over twenty two percent of the entire global market crushing. kind of change huge corporations all of the world aren't paying into the

other business ventures and loans, moving the funds through shell companies in cypress and the cayman islands. a

rounding out the top five, breaches in brazil, cuba, aruba and cayman islands.amilies. florida and hawaii dominating the top five. let's take a look at some of the other headlines today. boxing gloves thought to be 2,000 years old? they wore gloves 2,000 years ago? discovered in the u.k. right on the scottish border. these leather hand wraps are still so well defined, archaeologists note the perfect knuckle imprints left behind. >> that makes sense. ashley: the gloves may have been used for sparring practice by roman soldiers, gladiators. >> so cool. ashley: start your easter holiday off right with pancake and syrup peeps, new spring flavor. take a bite and you'll swear you're chowing down on a full pancake breakfast drizzled in syrup. >> delicious. ashley: just a commercial. beautiful, beautiful. [laughter] fantastic. let's get a quick check on the big board for you, we're in the green this morning firmly. check this out now, the dow up 286 points. but one of our favorite market bears tells us if he still believes stocks are headed for a rude awakening. any min

banks all set up here maybe something in your something in america something overseas or the cayman islandsor do we do all these banks are complicit in their tough talk received a soft ball and say hey i'm ready to do some serious money laundering ok let's see how we did while we've got home got a nice luxury watch for max and for stacey beautiful jewelry and how about. luxury automobile for max you know what money laundering is highly illegal. much keyser of course. i wouldn't make this manufactured consent to stick to the public well. when the ruling classes to protect themselves. with the financial merry go round lifts and me the one percent. we can all middle of the room sick. to the real news is. to. feel on a hot day in a period of a bottle of saudi in china six oir here in the. area. an estimated eighty five percent under-age refugees are now living in greece. or go. home in their euro food during. the many sell their bodies just to make ends meet some. of them on the second you know almost since i've been there that. says a lot of things can. turn to dealing drugs to make a living.

other business ventures and loans, moving the funds through shell companies in cypress and the cayman islands. a second way these influence activities can be deployed is through a russian majority-owned banks. these banks do not function like the ones we deal with every day. in fact these banks often don't care about making profits at all. they use it as a weapon of influence. an example is a bank commonly known as d.e.p. the u.s. treasury department described v.e.b. as a payment agent for the russian government. this bank is essentially controlled by putin's inner circle as the prime minister sits on the advisory board. it was deemed a precision-guided diplomatic weapon. as much, -- as such, it has taken on a range of projects with a common goal, which is to advance the kremlin interest. they attempted to shore up the troubled ukranian steel issue, whose financial interests were hurt by u. and e.u. sanctions. v.e.b. is under sanctions for its role. v.e.b. garnered headlines because it was used to cover a spying ring which efforts to recruit people such as kara paige. according to the departm