Submitted by Due Diligence
I often post on Barbados Underground about our [Barbados] lack off exposure in the Toronto media. Today I want to point out 17 minutes of media exposure Barbados got (October 2) on the Canadian National news program on CBC TV. The National is probably the most widely watched news program in Canada
The segment, named OFFSHORE EXPOSED, features a Canadian Lawyer, Giles Gosselin, who was formerly a lawyer at Canada Revenue Agency and now lives in Barbados and operates SG Global Consultants and DGM Bank and Trust, whose directors include Canadian Phillip Armstrong, Senator Geoffrey Cave, C. Anthony Audain, Roger Cave and John Williams . The segment can be seen (after brief commercials) on this WEBSITE or Google “Offshore Exposed”.
This is from Ex-Revenue Canada lawyer advice how to hide money offshore on the WEBSITE.
“An exclusive CBC News hidden camera investigation into the world of offshore banking uncovered a former executive with the Royal Bank of Canada and a former lawyer with the Canada Revenue Agency offering advice on how to hide money from Canadian tax authorities.
As part of the joint investigation with Enquête, the CBC’S French-language investigative program, CBC News hired a private investigator, who is also a restaurant and bar owner in Toronto, to test 15 different offshore service providers in Canada and abroad.
The investigator was given a story: over the years he had squirrelled away as much as a million dollars that he hadn’t declared, and wanted to hide it offshore to avoid paying taxes.
More than half of the offshore service providers tested with hidden cameras by the CBC in Canada and Barbados provided advice that wouldn’t stand up to scrutiny, according to CBC experts.”
Also, click the links imbedded in the article.
This is not exactly the type of exposure that I have been referring to. CBC is clearly on a mission to EXPOSE tax avoidance schemes and “tax havens” and I am sure that the folks at Canada Revenue Agency who are working the Barbados Tax Avoidance file have been busy watching the video and Googling Gosselin, S G Global and DGM this morning.
This is not good news for the PM, MOF, GOB and whoever else has been touting Barbados as an Offshore Destination. Given that Canadian “investments” make up such a large part of the Barbados offshore business (75%?), this is sure to have serious implications for Barbados. Even the “legitimate” investors will be scared away for fear of being audited.
Be sure to watch the second episode of OFFSHORE EXPOSED, to be aired next Monday on CBC’s The National (available online), which is said to be looking at “loopholes” in the Canada Barbados Tax Treaty.