Green’s comments follow the theft and leak of millions of documents from Bermuda-headquartered law firm Appleby. Nicknamed the Paradise Papers, they come just 18 months after the Panama Papers shook the offshore world.
The fallout has seen UK Labour leader Jeremy Corbyn and former US presidential hopefully Bernie Sanders speak out against offshore financial centres.
Green said: “The heightened level of sensationalism is out of control, masking the reality of the situation, and is being fuelled by misinformed politicians out to score cynical political points.
“Corbyn implies the Queen, rock stars, and multinational firms, amongst others, must apologise for benefitting from legal, tax-efficient schemes. Meanwhile, Sanders maintains that money in offshore accounts illustrates the movement towards an ‘international oligarchy’.
“This hyperbole is unhelpful, misleading and demonstrates their monumental naivety.”
Offshore benefits
Green added that the vast majority of international financial centres are now transparent and appropriately regulated.
“Internationally-mobile individuals and firms typically find that offshore accounts are a sensible option because of their convenience. They offer centralised, safe, flexible and worldwide access to their funds no matter where they live and no matter to which country the person or firm might relocate in the future. Also, they provide a greater selection of multi-currency savings and investment options.
“Other, often ignored, benefits also include that they can assist firms to avoid double taxation on the same income, and that they offer legitimate financial refuge for those in countries where there is economic, social and political turmoil.”
Political opportunism
“For high-profile politicians to complain – and to take the moral high ground – on this, when it is they who have the powers to change tax laws and regimes, smacks of political opportunism and hypocrisy,” Green said.
“The notion that the majority of individuals and firms in these allegations are ‘getting away’ with mitigating their taxes liabilities legally is absurd. It is akin to someone ‘getting away’ with driving at 50mph in a 50mph zone.”
