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Black money may be funnelled away in tax havens, but it is all controlled out of London, where Indian and other billionaires are happy to be based.
Narendra Modi had campaigned on a promise that he would bring black money home from abroad and give each poor Indian Rs 15 lakhs.
Taking the World Bank’s rosy projection of how Indian poverty has declined under liberalisation , that would mean giving Rs 417 trillion to 278 million people. That was an absurd promise. Since the Prime Minister is an intelligent man, he must have had known that and perhaps had no intention of keeping it. Instead his Government has chosen to inflict untold misery on the poor by withdrawing from circulation the denominations in which they hold most of their wealth.
Were Modi were to honour his original promise, if only in spirit, his Government would search for Indian black money. Where might that be? A few years ago I had interviewed a scion of a Maratha princely family related by marriage to many important Rajputs who described to me how he used to help organise such transfers abroad by Indian princes for a long time, going back to 1947. Global Financial Integrity, led by Raymond Baker had once published a study — which remains the most authoritative one on the subject — that estimated that, “tax evasion, crime, and corruption had removed gross illicit assets from India worth US$462 billion.” That was a few years ago, and the numbers must have surely grown.
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It is not possible to estimate reliably what proportion of Indian money is kept in any specific location. Yet we should consider the fact that rich Indians have a special affection for London. For those without French or German, it takes some effort to move, say, to Switzerland. London’s hotels, restaurants and entertainment are familiar to and beloved by the Indian rich. Houses they have bought there have appreciated handsomely. And the offshore component of many Indian business deals has made London especially attractive. Liquor baron Vijay Mallya, the arms dealers Sanjay Bhandari, Sudhir Choudhrie, Ravi Shankaran and Abhishek Varma have all found safety and comfort there. A good deal of the Nanda family arms dealing was done through London.
Even the funds recycled back to India through Mauritius are connected to the UK. As India shows net inflows from Mauritius, the UK consistently shows net outflows to it. The UK Government, official agencies, and the City all see flows of returning flight to India from and through jurisdictions such as Cyprus, Mauritius or Jersey as essentially an extension of the City of London itself.
International deposits in banks in the UK and investment in securities there exceeded those of any other country including Switzerland and the United States . A good deal of such investment goes to important financial markets located in London, including the Eurodollar market. London’s role as a financial centre makes any dealings with banks and trusts there seem all the more innocuous. Because it is the premier financial centre it also offers competitive returns on investment which Mauritius, say, or Cyprus, cannot match.
The important “private bankers” as they are called, who solicit such secret funds may travel to Lagos and Moscow and Mumbai, but they are based in London, and that is where I have met several. The important private banks are in discreet mansions furnished like gentlemen’s clubs. Trusts may be incorporated in Guernsey or the British Virgin Islands, but, again, they are managed from London. Secret wealth-holders may move their funds in and out of Jersey or Panama or the Caymans, but rarely, if ever, live there; but their transactions are postmarked to tax havens even if actually managed from London.
For the UK controls some tax havens and is closely connected to many others. These are the premier destinations for international secret money. In such havens, trusts conceal the identities of beneficiaries. It is in the second round that such money often lands up in the UK. Deposits in three UK-controlled tax havens, the Dependencies of Guernsey, the Isle of Man and Jersey are directly “upstreamed” to the United Kingdom. That means they are actually treated as a part of the UK balance of payments.
Just these three tax havens accounted (table C3.2) for $141.991 billion of $157.669 billion of total outstanding net inflows into the UK as of September 30, 2016.
Though a good deal of investment in these three havens is by corporates and financial firms seeking legally to minimise taxation, it is also true that much of it is by international persons who wish to conceal their funds because they are evading taxes in the countries where they make their money. I shall describe a little of this.
In all three of these tax havens, a company may be set up without even a physical residence. Businesses pay no tax, and trusts just 10 percent. The identity of the true beneficial owners of these firms is kept entirely secret. Absurdly enough, an official report about 10 years ago had shown that in the village of Sark, in Guernsey, for instance, 575 people held 15,000 corporate directorships. Three Sark residents alone “appeared to hold between 1600 and 3000 Directorships each.” They are straw owners, holding paper title to assets for fees ranging from 100 to 750 pounds a year per directorship on behalf of owners who prefer to keep their ownership secret. The same pattern of locals holding trust for secretive foreigners is common throughout these havens.
And a small number of closely knit clans regulate billions of pounds. In Jersey, a legislator became a judge (Jurat), his own father having also been a legislator. His elder son has been a legislator, Solicitor General, Attorney General, Deputy Bailiff and Bailiff (the Bailiff is Chief Judge of the Royal Court as well as the Court of Appeal and concurrently President of the States or Speaker), then External Relations Minister, responsible for dealing with the UK as well as foreign countries. The Bailiff’s brother followed him as Attorney General when he became Bailiff (so prosecuted cases at the very time his brother presided over Court), and thereafter also became Deputy Bailiff, acting for the Bailiff. Lord Carswell, Chairman of the Committee to look into the States of Jersey, asked whether the fact of the Bailiff or Deputy Bailiff acting as both President of the States as well as Chief Judge constituted a conflict of interest. He was reassured that there was none.
The OECD-promoted Financial Action Task Force has made no attempt to address such issues. Nor has the United States, which led a long campaign to investigate and limit the activities of private banks headquartered in Switzerland. This might be explained by the fact that about a third of overseas investment in securities and about 70 percent of deposits from overseas in the US is from the UK and its related tax havens, much of it by persons unknown. In six Overseas Territories (Anguilla, Bermuda, British Virgin Islands, the Caymans, Gibraltar, and the Turks and Caicos), the Governor is appointed by and entirely accountable to the UK Government. Pretty much the same sort of business goes on there as in the Dependencies. The law firm of Maples and Calder had 18,857 companies at its office in Ugland House, Georgetown, the Caymans.
Baker of Global Financial Integrity points out an important reason anonymous and secret money from any haven can so be easily funnelled into Britain. UK law turns a blind eye to whether inward investment originates in overseas tax evasion, following Lord Mansfield’s famous 18th century dictum that “no country ever takes notice of the revenue laws of another.”
An additional incentive to transferring funds, whether secret or otherwise, from overseas is that wealthy foreigners living in the UK may be free from paying income tax there. The law allows “non-doms” as they are called, to declare an official, even aspirational residence in another country. Such a person may have assets of £1 billion earning a return of at least 4% (most conservatively), £40 million. Yet she or he might be eligible to a flat levy of £50,000 on all remitted foreign income and capital gains. So that income could be taxed less than one per cent. This is a painless fee for a Russian oligarch or Indian billionaire.
Footloose plutocrats from overseas have found their London houses have appreciated most handsomely. Property is often marketed to overseas buyers as the best place to keep money in flight. And that overseas market is highly specialised: Middle Eastern, North African (some reacting to the Arab Spring) and South Asian buyers are interested in Hampstead, Islington and Westminster. For all these reasons it might be said that London is the veritable mother of tax havens. Should Narendra Modi be serious about his promise to bring black money home, he might well begin by looking here.
Kannan Srinivasan, who is working on a book on money laundering, wrote this article at the Wertheim Study, New York Public Library.
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Black Diamond Private Wealth Ltd (BDPW) prides itself on its world class educational platform that we provide, on a global scale with Investors, Lenders and Traders from all around the world.
As a family owned company, we are small enough to make every investment decision with precise targeting and we hold very strong family values when investing our client’s money.
At BDPW, clients always come first. We understand our clients' requirements and we design investment strategies and devise asset allocations to meet their objectives. We take our fiduciary responsibility seriously and are driven to deliver competitive performance while building long-term relationships.
As a company, we operate a proprietary Indexed Fund, Crypto Trading Funds and Long Term Coin Holding Funds on behalf of our clients. These funds are targeted to either high trading probabilities for short term gain or long term asset growth. More information below as we break down the investment opportunities.
As BDPW are well and truly entrenched into the crypto currency space, we feel that it wouldn’t be right if we didn’t create our own coin. The BDPW coin will reflect its value based on the value of our proprietary indexed fund. We anticipate the release of our coin on the open market within the next 6 months. The coin is currently under development and the white paper will be released in due course.
This coin will offer a future investment opportunity for clients of BDPW who are invested within the company to gain some additional returns as this coin will be structured in a way that the price can only increase in value based on the funds that are locked in our indexed fund for a term of either 3 or 5 years. This unique approach to a coins value will set the BDPW coin apart from any other coin in the crypto space and allow a less risky investment over the long term for investors.
There will be no pre-mining of this coin and no Initial Coin Offering (ICO). This coin will be released at a value of $2,500 USD and will be price locked to the indexed fund in a similar way that the US dollar was pegged to gold.
Cryptocurrency is a digital money, created from code.
Free of all governmental oversight, the cryptocurrency economy is monitored by a peer-to-peer internet protocol.
Cryptocurrency is an encrypted string of data or a hash, encoded to signify one unit of currency.
BDPW offers Crypto Currency Trading of client’s funds, to select clients who wish to build a portfolio suited to their own level of risk.
If you have a healthy appetite for taking on more risk, then our professional trading team will trade your capital, based on the risk levels that you advise. We have extremely high risk strategies that normally pay an extremely high level percentage return and we have much more conservative trading styles for clients with a lower risk tolerance.
We trade based on the rules we agree to in an initial telephone interview, taking into consideration your appetite of risk and tolerance to the crypto markets. We will never quote a set return when trading the crypto markets as our prior results do not reflect any future results. If you are interested in this strategy, one of our Authorised Representatives will go through a set of questions to get a full understanding of your requirements and tailor a package to suit. Our normal fee is 3% of the account balance being traded and we charge this payment in Bitcoin.
Todd Butterfield
President | Chief Strategist,
Wyckoff SMI and BDPW
In 1982, Mr. Butterfield graduated from the Wyckoff Stock Market Institute and was anxious to put his knowledge to the test. Mr. Butterfield decided to enter the U.S. Investment Championship’s real money competitions to prove that he was able to compete. The first one he entered he placed 12th in the nation, and every competition he entered over the years has been listed below. Mr. Butterfield began his professional career in 1984, as a Professional Stock, Option, and Commodity Trader with Rialcor Shatkin, Chicago, Illinois. In 1990, he registered as a Commodity Trading Advisor with a very successful 4 year track record. In 1991, he became a Financial Consultant for Smith Barney, Quincy, Illinois.
In 1997, Mr. Butterfield founded Butterfield Capital Advisors. As a Registered Investment Advisor, he could now offer fee-based investment advice to his clients.
In 2011, he formed The BlackBay Group, which encompasses BlackBay Capital Advisors (RIA).
In 2016, he took over Wyckoff Stock Market Institute, and began offering expanded stock trading/investing services at WyckoffSMI.com. Shortly thereafter he began LearnCrypto.io to offer the same type of services to those traders/investors in the Cryptocurrency space.
BDPW offers a solid Lending Platform allowing our clients to lend money to BDPW at very high rates of interest.
Rather than risking your own money to be traded on the very volatile crypto currency markets, BDPW offers a Loan Agreement where you can become the Lender, to take the risk out of investing. As a Lender, you agree to loan a set amount of money to BDPW (minimum $10,000 USD). These funds are used in the proprietary BDPW Indexed Crypto Fund. In return you will receive a high return of interest at the end of the loan term.
BDPW offer a 3 year loan term to lend your capital and guarantee your capital back to you at the end of this term. We do this by hedging your loan capital with our own capital within the BDPW Indexed Fund.
Crypto currency Index funds are a way of gaining exposure to the crypto market. Most investment markets have indexes that measure their value over time. Indexes cover almost every industry sector and asset class, including Australian and international shares, property, bonds, cash and now crypto currencies.
Active fund managers try to outperform the index by picking sectors and securities they believe will outperform in the future.
Rather than trying to guess which investments will outperform in the future, index managers replicate a particular market or sector. This means they invest in all or most of the securities in the index.
Indexing is based on the theory that investors as a group cannot beat the market - because they are the market. In fact, when you take costs into account investors as a group must underperform the market.
This is why when you look at the performance tables at any point in time there are always winners and losers. Picking consistent outperformers is almost impossible, so indexing provides a way of accessing market performance without the high costs.
Indexing offers two distinct advantages:

By Investing in the BDPW Crypto Index Fund, you are agreeing to a predetermined profit for the use of your loaned capital.
As the BDPW Indexed Fund operates out of the Vanuatu, the taxation that BDPW pays is a lot more favourable to the profits that can be retained within the fund.
BDPW’s proprietary strategy to Indexing crypto’s within the fund allows only top performing crypto currencies within the fund. Any non-performing coins will be replaced based on the metrics used by BDPW traders. BDPW treat the indexed fund as an active rather than a passive investment and closely monitor the progress on a daily basis.
This works the same as when you borrow money from a bank, but in the reverse. You lend your capital to BDPW and we use your capital to make profits on the crypto currency markets. In return for your loan to us, we pay interest on your loan capital.
Unlike our trading accounts, the minimum lending is $10,000 USD
We pay a guaranteed percentage return for a fixed investment period. Please ask your Authorised Representative about the ROI.
We pay the Lender at the end of the fixed time period. You can expect to receive the full amount of the loan + the interest at this time.
Yes. BDPW uses a hedging strategy with their own capital to offset any risk on the Lenders capital. BDPW guarantees 100% return of your capital in writing.
Yes. BDPW will provide you with a Lenders Agreement which sets out all the terms and conditions on the loaned funds. This is a legally binding agreement and provides the security over your capital and interest payments.
Go to the “Register Your Interest” section and fill in your details. One of our Authorized Representatives will be in touch within 48 hours.
YES. This is now international law where a firm such as BDPW must know each of our clients and hold a copy of current identification for each client.
The simple answer is YES we do. As a client of BDPW, we work with you initially to set up what rules we will use to make our trades. This gets very involved as we want to fully understand your appetite to risk. Any good trader can make huge returns, however at BDPW we not only want to make great returns for you, but we want to focus on capital preservation. This is what separates at good trader from a great trader.
The simple answer is NO. Your capital is being traded on the Crypto currency markets which are extremely volatile. BDPW have very strict trading rules that we use to be as careful with your capital as possible, however we cannot guarantee any future result. Although our past performance has shown excellent returns, this is not indicative of future results. If you are look
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