Jurisdiction where they make the profit and therefore that there isnt as you rightly say towards globalization because that brings us corporations Global Trading profits more into line with the system that is operated for say european corporations which are also taxed on a territoriality basis well miss a traverse you just said that this deferred taxation regime was intended and in fact it was promoted by the American Government but at the same time the previous American Administration was very critical about it and i think thats the most ironic thing in all of that for me that these kind of changes were implemented not by the Obama Administration which one would think ideologically would have been most predisposed to it but by the tump administrating in your opinion was it ultimately an issue of political will corporate might have. Perhaps Something Else i i have to say i agree with you im completely confused about why a Republican Administration made a change that was essentially part of the democratic philosophy and which the democrats had been frustrated about trying to change for well over fifty years i can only think that sound way deep within what they called a deep state in the us treasury there were left leaning. Bureaucrats who who implemented this change to a territoriality based system of taxation without anybody actually being aware of what was going on. But it is i agree with you very hard to explain in terms of the the political positions of the two us thought is historically well i mr chivers i think we would agree that as a flayed mirror in Many American political positions extremely hard to explain from a rational point of view but we have to take a very short break here lets go back to the discussion a few moments statement. In america a College Degree requires a great deal. Paying a decades long debt. Studying so hard it requires. Going through humiliation to enter society. And. Sometimes quite literally. Want other true colors of universities in the u. S. Welcome back to worlds apart with Anthony Travers senior partner at an offshore law firm based in the Cayman Islands and just before the break we were talking about the United States finally returning to the territorial principle of tech taxation and some would argue that the. Americans want to take it there even further there is another standing initiative aimed at the repatriation of taxes im talking about before an account Tax Compliance act which compels non the u. S. Financial institutions to report on the assets of both u. S. Citizens and the u. S. Residents worldwide do you think trump is likely to make it work and dont you think that perhaps this territorial principle. May be taking way too far with essential of the extraterritorial nature of that act well i think i think there are actually two quite Different Things moving us corporations to a territoriality based system of taxation with regard to Global Trading activity is one thing. The foreign account Tax Compliance act all fact corrosive snow was directed at something quite different that was directed at ensuring that u. S. Citizens who are also. But attacks on a citizenship basis. As were u. S. Corporations pay taxes on overseas awnings and so what fat could did was ensure that u. S. Citizens outside of the United States have to report all accounts that they maintain outside the United States a terrorist its not just about american citizens our residents reporting on those accounts i want to understand that but its about making nonu. S. Financial institutions essentially be responsible for implementing that reporting in turning the branches of foreign Financial Institutions essentially into subsidiaries of the i. R. S. Dont you think thats a bridge too far now although i agree with you i was describing what fact was intended to do what you just said is absolutely correct the way it is implemented is to to effectively make known u. S. Banking organizations or u. S. Banking organizations operating ever sees as effective tax collectors for fall for the i. R. S. And there is worse legislation that has now come out of europe called the comma reporting standard which does exactly the same thing as between about ninety countries now that are signed out to it including incidentally russia which require those ninety countries to make automatic reporting to the home jurisdiction of every investor who has an account in a signatory jurisdiction so for example if we have russian. Citizens with accounts in the Cayman Islands we must ascertain the identity of their citizens and make reports on their trading profits in any Cayman Island the callup to the russian authorities mr charice i will tell you why the russians see at least the majority of the russian people and that the some part of the russian government dont 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 day that this process easy too naive to suggest that the 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 youre 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 proactive reporting with regard to those accounts of any known resident of the Cayman Islands back to the tax authorities in question so i think youre 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 cover reporting set operates differently by way of a multilateral treaty and i would say that youre 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 few friends wealthy relatively wealthy individuals who complain. High net worth this is how they call themselves starting to feel like refugees around the world and i understand that separate. Sir said justin but it does relay a certain degree of desperation at the inability to find a home not just for yourself but for your capital and sometimes the origin of that capital is quite questionable youve been very forthcoming in saying that the Cayman Islands and stressing the transparency of the Cayman Islands and i believe it to the times just as network to verify your claims but i wonder if you believe there are still destinations in the world that may provide a drive to reach for the for the people who feel. Not welcome in countries like yours for example i dont think i dont think that people who hide their money should be encouraged and i think its going to be extremely difficult for them to do so but i do have the answer for them if you are a russian citizen and you want to avoid paying russian taxes then you must come and live in the Cayman Islands because russia also applies a territoriality based system of taxation and the problem is is that i would for High Net Worth of High Net Worth individuals who want to live in london paris or new york and not pay the a placable taxes as a result of doing so that game i think is effectively overwrought right he says much as you say. So the answer therefore is that you actually need to take up residence in one of these indirect taxation jurisdictions and in that way you will be able to protect your assets and not pay Income Corporation profits or Capital Gains tax but that is i think the only legitimate way of doing it now now im not sure you should distribute such a such device especially for free on the airways but anywhere you mention london and there is an Interesting Development in that regard in the u. K. We just passed an order allowing the authorities to freeze and recover property in excess of fifty thousand pounds if individuals are unable to explain how they. I acquired those assets and it strikes me as a brilliant idea making the government the ultimate beneficiary of the large scale Money Laundering scheme that has been going on in london for decades what do you make of it do you see the same light yes i mean i think i think the issue is this firstly its clearly borne out of frustration. Because the the problem the author or his have is this that the way the International Network works for lower enforcement on Money Laundering requires you to have a preliminary if an offense committed in the in the jurisdiction of the residence of the individual for example russia or or the hypothetical african state ruritania you have to have a predicate offense there for the international Money Laundering system to work and thats where thats where the system is broken down because even after Panama Papers panama was a jurisdiction with no transparency which was very popular with money or grows. Even out of Panama Papers you five very very few criminal offenses now in the originating jurisdictions. And until you have an offense in those jurisdictions the International Network of information gathering cant operate and so what the United Kingdom legislation is down is reverse the burden of proof but you know if there isnt an additional thing even if there isnt an information about you committing some crime in your original country you can always claim to political prosecution and in fact a number zero for russian bankers who stole money from the people on the very large scale doing exactly that in the United Kingdom it would be interesting to see whether the authorities will be able to go after them but i want to ask you something did different because youre always on the defensive when it comes to people from the u. K. Or the United States preaching transparency or you know taxing on avoidance but i think its also fair to turn the tables around because its not even controversial to say anymore that london and New York House become the largest offshore destinations i mean its its its i guess a statement of fact that in this day and age what do you think the most motivates the british authorities to pull the plug on it now to pass that low at this point of time did they finally find the courage to do that and that addressed the problem or is it just an opportune moment to fill the state coffers well i think youre absolutely right i mean no money launderer invests his proceeds in an offshore jurisdiction mr malkovich invested his seven billion dollars a lot of proceeds through new york missed a batch or the nigerian dictator vested his his four billion pounds in this in the city of london money orders need things to buy they need houses on the east side or in belgravia london. So the ultimate destination for these proceeds is always being the on the shore capitals i think that that is all of a sudden a new age if you like you might call it political opportunism. But it is. It has become politically very incorrect to be a jurisdiction like london. And less so new york strangely but like london where this kind of. Cover a range meant is is is tacitly accepted by view authorities and i think its extremely difficult for the british or thought he is given the transparency theyve insisted on interesting like the Cayman Islands they have a double standard not to apply the same level of transparency with regard to. Places like london where these proceeds are actually loaned the special interest in this its hard because they dont seem to be losing much theyre only gaining as i said i think if that scheme is implemented at the end of the day the British Government will be the ultimate beneficiary of all those ill gotten assets because it can claim it for itself. Maybe maybe not i mean a government will claim it it may be the British Government will have to hand those money so its a Money Laundering occur for that if you need to cleanse ahmed rashid nation and that goes for years if not decades and theyre also political issues involved so its easier to keep it for yourself and for your budgets and thats way i think thats a really brilliant idea. Well it may it may if may well be as i say you know im not here to defend the way the system of International Law enforcement works because we know it doesnt work. Thats quite clear you know when i started in the offshore world over forty years ago it was said there were two trillion dollars a black man a king annually and the still two trillion dollars of black money circulating annually so im not sure what advances of really being made. But i do think there are there are systems if money was lorded out of nigeria if the British Government confiscates it in britain there are systems to ensure that money is paid out at the request of the nigerian or thorough its not its not just a smash and grab operation by the British Government well lets hope for that and lets hope that the price of russia as well anyway mr travers that we have to leave it there i really appreciate your being on the show and our viewers please keep the conversation going and social media pages as for me i hope to see you again same place same time here and will depart. Across europe municipalities are taking their water supply back from private companies. Alone even some company gets from elsewhere so they can find private companies to take over the utilities many bought a telescope or. Allowed. I miss you guys you got a violent up going to go. By been vicious of us to quote them now look you know put up or offer some more you member of the left still brought up locals are ready to stand up for the basic human rights of access to water its about water but its also over much more than water its about the hurt and the redistribution of all as to purchase their debt downwards do you want or. Do you know what youve got in your head you might think its a phone but in the news we see it as t. V. With pluto t. V. The free and unlimited t. V. s you get t. V. Everywhere for free and since t. V. Is everywhere so is r t streaming on all your favorite devices outdoors or inside any time of day or night catch all of our Award Winning shows news and cutting edge analysis everywhere you look at where ever you go question more. Im here at money field stadium in edinburgh the home on the hop of Scottish Rugby im here to interview a scotland legend. A man who fought many great battles on this puts behind me now hes engaged in the greatest bottle of all his struggle against motor neuron disease. I. Had. With just one day before the Opening Ceremony of the Winter Olympics. Holding out hope of being allowed to compete in the games with a ruling from the court of. Participation. With. Federation of. Strikes against Government Forces in syria accusing. Rebel groups. Video of libyan children execution goes viral. Online on. Some of the. At oclock thursday morning here in moscow what you know if you are national. The u. S. Led coalition has conducted as strikes against pro Government Forces in syria u. S. Central command described it as a defensive measure in defense of coalition and Partner Forces the coalition conducted strikes against attack and forces to repel the act of aggression against partners engaged in the global coalitions defeat. The us has been carrying out its anti eisel campaign in syria since twenty fourteen despite never having been actually invited by the countrys legitimate government however even after the terrorists were effectively defeated americas top general says u. S. Troops are not going anywhere and quote they will fight as long as they want to fight washington a stressed his goal in syria is only to defeat eisold but it looks like this might well change our military policy in syria has not changed our priority remains to defeat of isis whether its in iraq or in syria that is our intent to defeat isis and not do anything more than that the United States will maintain a military presence in syria focused on ensuring that isis cannot reemerge total withdrawal of american personnel at this time would restore assad they continue his brutal treatment against his own people to put in supposedly but if the lack of a fundamental commitment to our agreements is typical of current u. S. Diplomacy including the reasons why the americans stay in syria Rex Tillerson shouldnt be tiddly stated that the only goal in syria was the defeat of ice so now theyve got far more ambitious plans with retired u. S. Army Major General polvo laili says the best way to resolve this syrian conflict is for all involved parties to negotiate a common policy. I think theres always been the motive to see sawed removed in a new government a new leader put in syria no less than one of the motivations of the United States senate of course you have russia on the other side supporting assad the United States russia you can solve this problem you think you simply dont work something out with all syrian elements all working as they should you cant just be true regime youve got to look at some of the residents of the better parts of the Free Syrian Army they have to look at the kurds. And. Brought together and resolve were going to see a continuation of these conflicts. Dozens of russian athletes are Still Holding out hope of competing in the Winter Olympics which got underway on friday forty seven of them have appealed to the court of arbitration for sport to overturn an i. O. C. Ban and now awaiting its ruling among those who have filed appeals to some of russias most celebrated athletes for example the six time i limped Gold Medalist victor on and such a games champion and tong ship. A lot easier to track and i joins me live from berlin to host city of chang any of this must be a rather nervous time for those athletes involved. Florrie hello well it is definitely a nervous time for these athletes i believe that some of them are there in the hearing room so you can see on my right hand side two hours ago the second day of hearings has begun the court of arbitration for sport at hawg panel is there yesterday it only took them a few hours to say that the Court Hearings have been a joint and the aim for now is to make sure that before the end of it before the beginning of the Opening Ceremony some sort of verdict is announced in the world watching the decisions are being made right here behind these walls as we speak so there are two scenarios either. The court of arbitration for sport does nothing about the decision by the International Olympic committee not to invite dozens of russian athlete who had never been caught for cheating without specifying why they cant come to pyongyang or give the green light to the russians which would be a massive blow to the International Olympic committee because that will mean that the International Olympic committee discriminated against the russians just to remind you the doping scandal originally began with the investigation by a german t. V. Channel a r d this kind of investigation then triggered a lot of International Probes then to seek would ban and other things as well and ahead of the young chang games twenty eight ting a. R. D. Teamed up with the sunday times and also another swedish t. V. Station to investigate allegations of doping when it comes to other countries not only russia have a lot. Russia is the country with the most athletes with suspicious blood values other athletes from successful crosscountry ski nations future mentalists from norway and also stars from sweden austria and germany suspicious crosscountry skiers will compete here in pyongyang. So as youve heard specifically there were allegations put forward against norway in particular their Skiing Federation which is believed to somehow been having been involved in helping schemes plus according to the norwegian media the teams have brought many anti ass moments in here and according to the journalists they will be used not only for the el athletes but the ones that are healthy but here is what an antidoping official from germany responded to a question when he was asked about these kind of things. It is common practice is no way to occasionally use assman medicine in major elements in the respiratory system even with a diagnosis of asked me is not specific. Well i can tell you that in this particular case when the journalists were trying to get comment from various sports officials from norway and also their antidoping officials the Skiing Federation wasnt particularly happy about this kind of attention heres what one of the journalists said about that. No riggin ski federation is very angry about this and they dont want to talk about this problem and thats very sad i dont think this is the competitions we do see there are. Doping also in this competition. Well in this particular case the question is of course whether the same standards will be applied to other countries including norway whether these kind of media investigations will lead to other official probes and further action by the International Olympic committee wada and other parties involved in this. Particular project that i live in pyongyang thank you. And we have the International Olympic committee whether it will investigate these other doping allegations we are waiting for the reply however a sports lawyer we spoke to told us its wiring the i. O. C. Has not publicly commented on the issue. Whats interesting is you heard the outcry in the media about these allegations you havent seen any action by wada as it currently stands i dont see there being an investigation which you know is in the light of everything weve discovered with regards to the russian doping allegations is troubling everybody where there is a problem should be investigated we need to understand that doping is in fact a global problem is raised by this documentary we need to understand that doping as happened and occurred across the world and that this is not an incident isolated to russia that this is a global problem its a continuing problem and its something we need to address seriously right now even the greatest antidoping experts in the west as the water cannot currently detect doping in athletes thats a problem. Today the body of Russian Military pilot Romana Filippo has to be sent from moscow to his home town of vote on ash thats the way of course hes going to be buried there the major died fighting in syria after his plane was shot down by militants commemorations are being held across russia including in the far eastern city of light of all stock near where major filippo was stationed the pilot of the plane supporting felipe also shed details of the last conversation his boys