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1 Sep 2012

Tax Justice Network reports 2012 - responses & non-responses by banks

In September 2012 Business & Human Rights Resource Centre invited the banks listed below to respond to three items by Tax Justice Network:

- “Revealed: global super‐rich has at least $21 trillion hidden in secret tax havens, Tax Justice Network”, 22 Jul 2012

- “The Price of Offshore Revisited: Key Issues”, 22 Jul 2012

- “The price of offshore revisited”, Jul 2012

These items allege that a number of banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries, depriving their governments of essential revenues that they need to deliver on fundamental human rights, including health, education and housing.

Business & Human Rights Resource Centre invited the following banks to respond to the concerns raised:

ABN Amro response [PDF]
BankAmerica/Merrill Lynch - did not respond
Barclays response [DOC]
BNP Paribas response (English) [PDF]
BNP Paribas response (Français) [PDF]
Citigroup/SSB/Morgan Stanley - declined to respond
Crédit Agricole response [DOC]
Credit Suisse response [PDF]
Deutsche Bank - did not respond
Goldman Sachs response [DOC]
HSBC response [DOC]
JPMorganChase - declined to respond
Julius Baer - did not respond
Lombard Odier - declined to respond
Pictet & Cie - did not respond
Société Générale - did not respond
UBS response [DOC]

Company Responses

ABN Amro View Response

Bank of America

No Response

Barclays View Response

BNP Paribas View Response

Citigroup

No Response

Crédit Agricole View Response

Credit Suisse View Response

Deutsche Bank

No Response

Goldman Sachs View Response

HSBC View Response

J.P. Morgan (part of JPMorgan Chase)

No Response

Julius Baer

No Response

Lombard Odier

No Response

Morgan Stanley

No Response

Morgan Stanley

No Response

Société Générale

No Response

UBS View Response

Timeline

Bank of America did not respond to: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries.

Date:

17 Oct 2012

Content Type:

Company Response
Société Générale did not respond to: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries.

Date:

17 Oct 2012

Content Type:

Company Response
Lombard Odier did not respond to: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries.

Date:

17 Oct 2012

Content Type:

Company Response
Deutsche Bank did not respond to: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries.

Date:

17 Oct 2012

Content Type:

Company Response
Julius Baer did not respond to: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries.

Date:

10 Oct 2012

Content Type:

Company Response
J.P. Morgan (part of JPMorgan Chase) did not respond to: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries.

Date:

10 Oct 2012

Content Type:

Company Response
Response by Barclays: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries.

Date:

3 Oct 2012

Content Type:

Company Response
Citigroup did not respond to: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries.

Date:

3 Oct 2012

Content Type:

Company Response
Response by Credit Suisse: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries.

Date:

3 Oct 2012

Content Type:

Company Response
Response by BNP Paribas: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries.

Date:

3 Oct 2012

Content Type:

Company Response
Response by ABN Amro: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries.

Date:

3 Oct 2012

Content Type:

Company Response
Response by Crédit Agricole: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries.

Date:

3 Oct 2012

Content Type:

Company Response
Response by UBS: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries.

Date:

3 Oct 2012

Content Type:

Company Response
Morgan Stanley did not respond to: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries. Click here

Date:

3 Oct 2012

Content Type:

Company Response
Smith Barney (part of Morgan Stanley) did not respond to: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries.

Date:

2 Oct 2012

Content Type:

Company Response
Response by HSBC: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries.

Date:

10 Feb 2012

Content Type:

Company Response
Response by Goldman Sachs: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries.

Date:

14 Jul 2010

Content Type:

Company Response

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Tax Justice Network reports 2012 - responses & non-responses by banks

Company Responses

Timeline

Bank of America did not respond to: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries.

Société Générale did not respond to: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries.

Lombard Odier did not respond to: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries.

Deutsche Bank did not respond to: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries.

Julius Baer did not respond to: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries.

J.P. Morgan (part of JPMorgan Chase) did not respond to: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries.

Response by Barclays: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries.

Citigroup did not respond to: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries.

Response by Credit Suisse: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries.

Response by BNP Paribas: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries.

Response by ABN Amro: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries.

Response by Crédit Agricole: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries.

Response by UBS: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries.

Morgan Stanley did not respond to: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries. Click here

Smith Barney (part of Morgan Stanley) did not respond to: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries.

Response by HSBC: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries.

Response by Goldman Sachs: Tax Justice Network alleges 16 banks aid the rich to avoid taxes, leading to the flow of capital out of developing countries.