12072016Wed
Last update: Wed, 07 Dec 2016 07pm
 

Articles and Letters

Articles  Letters
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Trailing the tainted money

Published on December 07, 2016Tracing the trail of tainted money from origin to final destination has become an extremely complex proposition because most of the black money normally is camouflaged in more than two dozen jurisdictions uploaded in far-flung networks of trusts, shell corporations, and foundations to conceal it from tax authorities and law enforcers. Wealth managers not only exploit gaps in legal systems but also seek to influence legislation, especially in offshore tax havens, to the benefit of their clients. In doing so, they help undermine the legitimacy of governments that tolerate their wealthy criminals' evasion or avoidance of the financial responsibilities and corruption.Read full story

Panama: Whoever wins we lose

Published on December 07, 2016It doesn't augur well - either way. If Imran loses it will get worse. If he wins it will get worse. Whatever the merits of the case, and he is neither the sharpest mind around nor a paragon of virtue, Imran has come to represent the national crusader. He may choose his battles unwisely but fights them with an uncanny doggedness. He just doesn't give up - like when he taught himself to swim. All of four years old, he was rescued time and again by his cousins as he just wouldn't stop jumping in at the deep end - until he could swim across the width of the pool.Read full story

Islamic finance: broad - based efforts needed

Published on December 07, 2016Islamic finance has been growing leaps and bounds and is considered the fastest growing sector in the global finance and domestic economic system. The total assets under management (AUM) in the global Islamic finance industry now nearly amount to USD ~2 trillion with a potential, according to Standard & Poor's, to rise to USD 5 trillion by 2020. Increasingly, despite impressive growth in terms of assets, there remains a scepticism over the success of Islamic finance towards achieving its noble objectives and its impact on society visible at the stage against what was initially expected. A debate has been going on if Islamic finance in its current form by replacing conventional finance is effectively delivering to achieve greater objectives of fairness, equity and welfare in society while providing a true system compliant to Shariah.Read full story