Puppet MastersS


Dollar

More Paradise Papers fallout: Apple finds new offshore haven to stash its cash, avoiding billions in tax

Apple
© Bobby Yip / Reuters
The world's largest company Apple, whose market cap is approaching $1 trillion, has found a new exotic location to shelter its money from tax authorities. As leaked documents reveal, Apple has docked in Jersey.

The move to the tax haven of Jersey involved two of Apple's most important subsidiaries. One of them is believed to have access to the more than $250 billion of the company's cash, according to the so-called Paradise Papers, obtained by the German newspaper Sueddeutsche Zeitung. The paper shared it with the International Consortium of Investigative Journalists and some media outlets.

The revelation comes at a time when Apple faces a €13 billion ($13.9 billion) fine from the EU for receiving illegal tax benefits in Ireland. The American company hasn't paid yet, missing the January 3 deadline. The European Commission, on behalf of the EU's competition watchdog, has taken Ireland to court for failing to collect billions of euros from Apple.

Comment: Panama Papers redux : New offshore leaks dubbed 'Paradise Papers' mention Queen Elizabeth, Trump cabinet members & Putin relative


Info

Yemeni resistance declares: "We are winning on all fronts"

Houthi fighters in Yemen
Houthi fighters in Yemen
A mass rally in support of the Palestinian cause on the occasion of the centennial of the Balfour Declaration took place in the Yemeni capital city of Sana'a on Monday.

The demonstrators stressed the importance of supporting the resistance movements and their projects in the face of occupation, and demanded the siege imposed on the Palestinian and Yemeni people to be lifted.

They raised a huge Palestinian flag alongside the Yemeni one.

The former President of the Yemeni Revolutionary Committee, Mohamed Ali Al Houthi, said in a speech that the Yemeni people support their Palestinian brothers and welcome the arrested Saudi princes.

Al Houthi pointed out that Yemeni Resistance coalition, consisting of the Houthi rebels and forces loyal to the ousted President Ali Abdullah Saleh, is winning on all fronts, especially in the east of Sana'a province.

Comment: See also: Saudi Arabia closes Yemen's border crossings, sea ports and airports after Riyadh-targeted missile is intercepted

The Houthis have proven one thing: they can fight. Up against one of the most well-funded militaries in the region (albeit, not one of the most competent), they have held their own against the Saudis. Unfortunately, the longer they hold out, the longer the blockade has its effect: starvation, disease. And the more civilians die in indiscriminate Saudi airstrikes. So far, there's no end in sight.


Snakes in Suits

US Navy's 'Fat Leonard' sex and bribery investigation widens to include more than 60 Admirals and hundreds of officers

Fat Leonard US Navy scandal
© The Washington PostMaritime tycoon Leonard Glenn Francis was a VIP guest at Navy change-of-command ceremonies even though he was under criminal investigation. Clockwise from top left: Francis with Adm. Patrick Walsh at the Pearl Harbor base in Hawaii in January 2012; Adm. Jonathan Greenert and Francis at the Naval Academy in Annapolis, in September 2011; Francis with Vice Adm. Michael Miller at the same event; and Francis with Adm. Gary Roughead, also in Annapolis.
The "Fat Leonard" corruption investigation has expanded to include more than 60 admirals and hundreds of other U.S. Navy officers under scrutiny for their contacts with a defense contractor in Asia who systematically bribed sailors with sex, liquor and other temptations, according to the Navy.

Most of the admirals are suspected of attending extravagant feasts at Asia's best restaurants paid for by Leonard Glenn Francis, a Singapore-based maritime tycoon who made an illicit fortune supplying Navy vessels in ports from Vladivostok, Russia to Brisbane, Australia. Francis also was renowned for hosting alcohol-soaked, after-dinner parties, which often featured imported prostitutes and sometimes lasted for days, according to federal court records.

The 350-pound Francis, also known in Navy circles as "Leonard the Legend" for his wild-side lifestyle, spent decades cultivating relationships with officers, many of whom developed a blind spot to his fraudulent ways. Even while he and his firm were being targeted by Navy criminal investigators, he received VIP invitations to ceremonies in Annapolis and Pearl Harbor, where he hobnobbed with four-star admirals, according to photographs obtained by The Washington Post.

Comment: Previously: The US Navy's lack of priorities is telling:

Collapsing under corruption and hubris: Navy errors killed more troops than Afghanistan so far in 2017


Star of David

Best of the Web: Leaked Israeli diplomatic cable reveals Saudi-Israeli plans to provoke war with Iran and demonize Hezbollah

netanyahu and bin salman
Left: Israeli PM Netanyahu, Right: Saudi Prince Mohammed bin Salman
Early this morning, Israeli Channel 10 news published a leaked diplomatic cable which had been sent to all Israeli ambassadors throughout the world concerning the chaotic events that unfolded over the weekend in Lebanon and Saudi Arabia, which began with Lebanese Prime Minister Saad Hariri's unexpected resignation after he was summoned to Riyadh by his Saudi-backers, and led to the Saudis announcing that Lebanon had "declared war" against the kingdom.


Comment: The Hariri resignation is most likely a response to the fact that growing Iranian and Syrian influence in Lebanon - as a direct result of Russian involvement in the Middle East over the past 2 years - has made his position as a Saudi stooge untenable. So the Saudis pull him out and force him to resign, then they collaborate with the Israelis in a futile attempt to provoke the Iranians and deal a political blow to Hezbollah. All of this is just an Israeli/Saudi/US 'deep state' reaction to the new powerful Russia/Iran/Syria axis in the Middle East, and a rather impotent one at that.


The classified embassy cable, written in Hebrew, constitutes the first formal evidence proving that the Saudis and Israelis are deliberately coordinating to escalate the situation in the Middle East.

The explosive classified Israeli cable reveals the following:
  • On Sunday, just after Lebanese PM Hariri's shocking resignation, Israel sent a cable to all of its embassies with the request that its diplomats do everything possible to ramp up diplomatic pressure against Hezbollah and Iran.
  • The cable urged support for Saudi Arabia's war against Iran-backed Houthis in Yemen.
  • The cable stressed that Iran was engaged in "regional subversion".
  • Israeli diplomats were urged to appeal to the "highest officials" within their host countries to attempt to expel Hezbollah from Lebanese government and politics.

Comment: The balance of power in the Middle East has undergone a dramatic and swift paradigm change over the last few years. Israel is still stuck in its rather myopic (and pathologically persistent) goal of remaking the region to suit its own vision where it (and its Saudi friends) reign supreme and all other Arab nations are kept in a state of dysfunction and conflict. What Israel (and Saudi Arabia) do next in the region will be a testament to just how irrational their leaders are in their drive to stay on top, despite the desire of many millions of people in the region to simply live in peace.

Previously: A word of caution, however, regarding the cable in question, from Andrew Korybko:
If anyone actually read the leaked "embassy" cable, however, they'd see that it's a stretch to report it as being a "smoking gun" purportedly confirming that the Crown Prince is the Zionist leader's puppet. The document in question doesn't contain any evidence within it that the Saudis' geopolitical bluster is due to any sort of coordination with "Israel", but rather reads like a straight-forward plan for opportunistically capitalizing on this "advantageous" event in order to advance the overlapping interests that Tel Aviv shares with Riyadh vis-à-vis Tehran, Sanaa, and Beirut.
...
Just because two actors share the same interests doesn't necessarily mean that one of them is being controlled by the other, even if one makes a move that's to this pair's collective benefit in that given Neo-Realist context. Saudi Arabia's war-mongering statements against Iran, Yemen, and Lebanon perfectly align with "Israeli" interests, just like Trump's campaign promises to restore pragmatic relations with Moscow also served Russia's interests, though in neither case was the Crown Prince or the current President saying what they did for any other reason than to advance what they subjectively believed to be their country's national interests.

That said, there are indeed actors who stand to gain by purposely misportraying the Saudi-"Israeli" leaks in the previously described inaccurate manner, and it's here where another argument interestingly emerges to debunk the "collusion" narrative.

... it's understandable why the US would be opposed to the Crown Prince's "deep state" coup, even if Trump tweeted otherwise in order to save face after having earlier demanded that the Kingdom "drive out" all corrupt terrorist-supporting individuals such as the pro-American ones who Mohammed Bin Salman ironically just detained.

Nevertheless, the future King reportedly compelled "imprisoned" Prince Alwaleed to sell his shares in 21st Century Fox, thereby endangering anti-Trump tycoon Robert Murdoch's control over the media group, so Trump might indeed see something of a "silver lining" in what just happened.

In any case, the securing of Mohammed Bin Salman's Vision 2030-related reforms and multipolar Great Power partnerships is comparatively more to the US' grand strategic disadvantage than whatever benefits its President might reap from Murdoch's potential weakening, so it's plausible to assert that the US has a clear interest in undermining the Crown Prince.
...
It's very likely that the document is authentic, but the point to focus on here is the reason behind its disclosure, which like all leaks in history had more than an inadvertent coincidental reason behind it. In this instance, the whole point is to discredit Mohammed Bin Salman in the eyes of his countrymen, thereby weakening his newly assertive grip on power and creating space for his citizens to have "second doubts" about what's really going on in the royal halls of power.
...
The so-called "collusion" between Saudi Arabia and "Israel", as supposedly "proven" through the weaponized cable leak, is nothing more than the typical opportunism that Tel Aviv is known for, though that does not say that the two sides haven't collaborated in the past and won't do so again in the future, but just that it's inaccurate to report that the latest events are another example of this.



Mr. Potato

Saudi minister says Lebanese govt "declaring war" on Saudi Arabia

Thamer al-Sabhan
Saudi minister of Gulf affairs, Thamer al-Sabhan, said on Monday that Lebanon had declared war against Saudi Arabia because of what he described as aggression against the Kingdom by the Iran-backed group Hezbollah.

"We will treat the government of Lebanon as a government declaring war on Saudi Arabia due to the aggression of Hezbollah," he said in response to the recent decisions taken by the Lebanese government.

Al Arabiya reported that Saudi King Salman had informed the outgoing Prime Minister Saad Hariri of the details of Hezbollah's aggression against Saudi Arabia, adding that the Lebanese government should be aware of the dangers imposed by these militias.

Sabhan added that Hezbollah militias are involved in terrorist acts that threatens the Kingdom, stressing that Saudi Arabia will use all political and other means to confront what he called the "Party of Satan."

"We expect the Lebanese government to act to deter Hezbollah," he said in an interview with Al Arabiya.

Sabhan also accused Hezbollah of smuggling drugs to Saudi Arabia and training Saudi youths on terrorism.

The Saudi minister said that Hariri and the Lebanese government would not accept the positions of Hezbollah militia, stressing that talk about forcing Hariri to resign lies to disperse Lebanon.

"Lebanon is kidnapped by the militias of Hezbollah and behind it is Iran," he said.

Comment: Of course, this is technically true. Hezbollah has been at war with Saudi proxies in Syria for years now. And hasn't it been the Saudi clerics training Saudi youths on terrorism? Barring any actual evidence, it appears Mr. al-Sabhan is just blowing more hot air.
Saudi dissident leader discloses Riyadh supporting ISIL in Iraq through envoy

A prominent Saudi dissident leader living in the UAE disclosed that Riyadh is supporting the ISIL terrorist group in Iraq with the help of its Ambassador to Baghdad Thamer al-Sabhan.
Moon of Alabama has this recap of the latest events, with some analysis of the targeting of Lebanon:
The Saudi plans are well coordinated with the United States and have the full support of the Israeli government. The point man in the Trump administration for all Middle East issues is Trump's son-in-law (and arch Zionist) Jared Kushner. ...

A week ago the Saudi minister (and extremists) Thamer al-Sabhan called for toppling Hizbullah and promised "astonishing developments". Friday night the Lebanese Prime Minister Saad al Hariri was ordered back to his home-country Saudi Arabia and pressed to read a resignation statement on a Saudi TV station. None of his advisors in Lebanon knew that this was coming. It is claimed that Hariri did not voluntarily resign and is now under house arrest. There is even a Free Hariri Clock counting the hours, minutes and seconds of his ordeal. The Lebanese President has not accepted the PM's resignation and demands that Hariri returns to Lebanon. We called the resignation The Opening Shot Of The Saudi War On Hizbullah.
...
It seems crazy that the Saudis would open another front in their chaotic war against presumed Iranian influences. Their forces were defeated in Iraq and Syria. Their wars on Yemen and Qatar are in a stalemate. Each of their moves has led to an increase of Iranian influence and power. It is hard to understand why they would want to repeat that experience in Lebanon. It is even harder to understand why the U.S. and Israel support that losing move.

The Israeli Prime Minister Netanyahoo activated his diplomats to lobby for the Saudi position:
Barak Ravid @BarakRavid - 12:11 PM - 6 Nov 2017

1 I published on channel 10 a cable sent to Israeli diplomats asking to lobby for SaudisHariri &against Hezbollah
2 The cable sent from the MFA in Jerusalem to all Israeli embassies toes the Saudi line regarding the Hariri resignation
3 The Israeli diplomats were instructed to Demarch their host governments over the domestic political situation in Lebanon. Very rare move
4 The cable said: "You need to stress that the Hariri resignation shows how dangerous Iran and Hezbollah are for Lebanon's security"
5 "Hariri's resignation proves wrong the argument that Hezbollah participation in the government stabilizes Lebanon", the Cable added
6 The cable instructed Israeli diplomat to support Saudi Arabia over its war with the Houthis in Yemen
7 The cable also stressed: "The missile launch by the Houthis towards Riyadh calls for applying more pressure on Iran & Hezbollah". END
There is no common border between Lebanon and Saudi Arabia but there are many economic relations. The Saudis have for years sponsored Sunni clans in Lebanon. Many Gulf Arabs have invested in Beirut. It is their preferred vacation destination. Lebanese companies provide many services within the Gulf countries.

There is little the Saudis can do militarily hurt Lebanon. They might want to move their Al-Qaeda and ISIS fighters from Syria to Lebanon but that will require Turkish cooperation. Even those forces would be no match for Hizbullah as it is deeply anchored within the population of Lebanon.

The Saudis will, like with Qatar, use economic means to squeeze Lebanon. It is quite obvious that such measures will mostly hurt their own constituency in Lebanon. How does that change the situation to their advantage? Analysts agree that the Saudi measures will in fact hurt. But they will also increase Hizbullah's, Iran's and Russia's influence.
...
Another analyst, who long lived in Lebanon, has a slightly more positive view. (edited for readability):
Elijah J. Magnier‏ @ejmalrai - 7:50 PM - 6 Nov 2017

Saudi Arabia is preparing a war against Lebanon: hitting finance first, blocking air traffic exchange, inviting other Arab countries to follow. Saudi Arabia is bulling Lebanon and is expected to gradually escalate procedures: Lebanon will have to turn towards Syria for its economy/travel and towards Russia as the USA is turning a blind eye. Qatar and Iran will support Lebanon's economy: a new front and solidarity against Saudi Arabian bulling will be created. Saudi Arabia (wrongly) believes it can lead the Middle East: USA made the same mistake before and that brought Russia in. Saudi Arabia never had a clear foreign policy, is unaware of diplomacy and is adopting a tribal mentality: with me or against me. Because @realDonaldTrump has no clue what ME policy is and accepts anything Saudi Arabia is doing more instability is expected. Israel doesn't need to act against Hezbollah or #Lebanon, Saudi Arabia is doing the job on its behalf.

The question is: how long can Saudi Arabia hold internally and regionally? Even if not for long, ME is so unstable today ...
When Saudi Arabia says: "'Lebanon is hijacked by Hezbollah and Iran, Saudi will treat Lebanese gov as an enemy of its state" it means that KSA is at war. But Saudi Arabia is presenting Hezbollah as a kind of" superpower" and/or a "state" to stand against, magnifying it. The same style is usually used by Israel before taking action against #Hezbollah: Saudi Arabia is copying the rhetoric.

Bahrain, Emirates will have to join Saudi Arabia sooner or later to show KSA is not alone: expect fresh accusations. Arabs have wealth in Lebanon, proprieties and business, all may be soon affected by Saudi Arabia's belligerent attitude. Saudi Arabia seems to enjoy unlimited support: money is powerful, sure. But learn from Syria and the 6 years of war. Saudi Arabia wants to see a Lebanese government without any Hezbollah minister. Hezbollah's influence in #Lebanon doesn't emanate from the presence of a couple of ministers. Saudi Arabia wants for Hezbollah to pay the price of its effective role in Syria, Iraq, Yemen, in the defeat of ISIS. Saudi Arabia wants also to protect the tens of thousands Al Qaeda still in Idlib and it wants to deprive Iran from its arm. "Defeating" Hezbollah would leave Lebanon unprotected from Israel and pave the road to an Arab official relationship with Tel Aviv.

Even if PM Hariri leaves Saudi Arabia, to Beirut, his family remains behind and he can never go against Saudi will.
The return of Hariri to Lebanon won't solve the problem but will give more background to the events: no big deal.
See also:


Bad Guys

Islamic State's defeat could set off Saudi-Iran confrontation

Yezidi fighters
© Associated PressYezidi fighters in Shingal.
With Islamic State routed everywhere, the threat of plunging the Middle East into a large-scale war has not diminished, but, on the contrary, it has grown. There are signs that a Saudi-Iran conflict, threatening to activate new fronts in the region, is imminent. The struggle between these countries for political and religious influence has geopolitical implications that extend far beyond the waters of the Persian Gulf and encompass nearly every major conflict zone in the region. With tensions running high, a spark is enough to start a big fire at any moment.

Eleven of Saudi Arabia's richest and most influential businessmen and politicians were detained in a corruption probe by the Crown Prince's Mohammed bin Salman's anti-corruption committee over the weekend. Separately, the minister of the Saudi National Guard, who controlled the branches of the military that weren't yet under the crown prince's control, was replaced by King Salman. "Nothing like this has ever happened before in the history of Saudi Arabia, giving the sense the kingdom is entering into unchartered waters with unknown consequences," David Ottaway, Middle East Fellow at the Wilson Center, said in a statement. He added the actions "could well threaten the House of Saud's stability for years to come."

Comment: An alternate view from ZeroHedge highlighting the absurdity of the Saudis claiming 'Lebanon has declared war' against them. The KSA apparently has the power to force the Lebanese Prime Minister to quit.
As expected, Saudi Arabia has cast itself as the victim of external Shia plotting after its internal weekend of chaos which included a missile attack from Yemen, the deaths of two princes and other high officials within a mere 24 hours, and an aggressive crackdown against dissent in the royal family which saw close to a dozen princes placed under house arrest. And as Al Jazeera noted, in this Saudi version of 'Game of Thrones', the 32-year-old Mohammed Bin Salman (MBS) shows that he is willing to throw the entire region into jeopardy to wear the royal gown.

While Saudi Arabia has long blamed Iran for sowing unrest in the region, this evening's declaration by Saudi Gulf affairs minister Thamer al-Sabhan that Lebanon has "declared war" against the kingdom is truly an historic first. But perhaps the biggest problem is that international media is currently uncritically spreading the statement, whereas what such a bizarre claim actually warrants is laughter. Thankfully, Nassim Nicholas Taleb sums it up nicely with a basic geography lesson: "Either the media is stupid, or Saudi rulers are stupid, or both. Lebanon did not formally declare war and there is no common border."

With that in mind, here is the statement currently making headlines as reported by Reuters:
Saudi Arabia said on Monday that Lebanon had declared war against it because of attacks against the Kingdom by the Lebanese Shi'ite group Hezbollah.

Saudi Gulf affairs minister Thamer al-Sabhan told Al-Arabiya TV that Saad al-Hariri, who announced his resignation as Lebanon's prime minister on Saturday, had been told that acts of "aggression" by Hezbollah "were considered acts of a declaration of war against Saudi Arabia by Lebanon and by the Lebanese Party of the Devil".
Though clearly absurd (that Lebanon has declared war on KSA), the statement is driven by legitimate and deep-rooted fear, for not only has Hezbollah transformed itself into a Middle East powerhouse whose influence has grown vastly in the midst of the Syrian war, but it has transitioned into a quasi-state which has gained the respect of Lebanese and Arabs across the region. As we've noted many times before, it is fear of Hezbollah and its increasingly broad acceptance and legitimacy within Lebanese state institutions that also drives heightened Israeli rhetoric and bellicosity of late, which has once again "surprisingly" found itself on the same side as Saudi Arabia.

And at a moment that Israel has begun massive war games, and as MBS continues his purge toward total consolidation of power over the kingdom, both unlikely bedfellows continue their war of words against Hezbollah. It's no secret that common cause in Syria of late has led the historic bitter enemies down a pragmatic path of unspoken cooperation as both seem to have placed the break up of the so-called "Shia crescent"as their primary policy goal in the region. But that's perhaps why few pundits seemed overly shocked when Israeli media reported in early September that bin Salman may have made a secret visit to Israel, in spite of the fact that the kingdom does not recognize the Jewish state, and the two sides do not have diplomatic relations.

Will the current chaotic trajectory of things and unholy alliance between the Saudis and Israelis place Lebanon in the cross hairs of yet another Israeli-Hezbollah war? While we've recently addressed this question, this new and erratic Saudi declaration certainly puts the region a big step closer to such a war becoming a reality.

Though this question of the looming specter of an Israeli-Lebanese War (which would surely involve the Saudis aiding Israel politically inside Lebanon) has been addressed many times over of late, the real question, which isn't often analyzed, is the true military capabilities of Hezbollah. What has both Israel and the Saudis worried is the fact that the Syrian war has possibly strengthened Hezbollah, not weakened it.
As it happens military analysis site South Front has done just such an analysis. It makes for sobering reading. The KSA may be gravely misjudging their potential adversary.

Hezbollah - Capabilities And Role In The Middle East


Top Secret

German military's worst-case scenario for Europe in 2040: EU collapses, replaced by Russian-led Union

EU Flag
© Sachelle Babbar / Global Look PressLeaked German military doc predicts EU collapse & rise of pro-Russian ‘Eastern bloc’ by 2040
The German military has outlined six "worst-case" scenarios for the future of Europe by 2040. The leaked secret document predicts that more states will leave a disordered, chaotic and conflict-prone EU to join a Russian-led "Eastern bloc."

A secret Defense Ministry paper leaked to Spiegel magazine has shed light on Berlin's main concerns about the breakup of the European community, a scenario apparently feared in most Western capitals. Entitled 'Strategic Perspective 2040' (Strategische Vorausschau 2040), the 102-page policy paper imagines six scenarios that strategists in Berlin deem plausible.

They range from an East-West conflict in which some EU states side with Russia, to a "multipolar Europe," where some states adopt a Russian political or economic model in defiance of EU agreements.


Comment: Either way, Russia looms large. Not bad for a country they said - till very recently - is an irrelevant 19th century throwback. So, have they only recently re-thought old beliefs? Nope. They were lying about Russia then, just as they're lying about Russia now. Russia has some unusual power, latent for the most part, and which they can at least sense, if not understand. And they are terrified of it...


Chess

Early draft of Comey statement on Killary email case accused her of being 'grossly negligent' in handling classified info

comey
An early draft of former FBI Director James Comey's statement closing out the Hillary Clinton email case accused the former secretary of State of having been "grossly negligent" in handling classified information, newly reported memos to Congress show.

The tough language was changed to the much softer accusation that Clinton had been "extremely careless" in her handling of classified information when Comey announced in July 2016 there would be no charges against her.

The change is significant, since federal law states that gross negligence in handling the nation's intelligence can be punished criminally with prison time or fines.

Spokesmen for the FBI and Clinton did not immediately return phone calls or emails seeking comment.

The draft, written weeks before the announcement of no charges, was described by multiple sources who saw the document both before and after it was sent to the Senate Judiciary Committee this past weekend.

"There is evidence to support a conclusion that Secretary Clinton, and others, used the email server in a manner that was grossly negligent with respect to the handling of classified information," reads the statement, one of Comey's earliest drafts from May 2, 2016.

Propaganda

NYT exposed pushing anti-Russian propaganda over possible ban on Russian anthem at Olympics

Russia Olympic flags
© Vladimir Sergeev / Sputnik
The International Olympic Committee (IOC) has said it is "premature" to discuss a possible ban on the Russian national anthem at the upcoming Winter Olympic Games in Pyeongchang, South Korea, after reports on the issue emerged in US media.

The New York Times published an article on Monday, headlined 'No Russian Anthem at Olympics? I.O.C. Weighing Possible Penalties,' in which the outlet reported on possible penalties against Russia at the 2018 Olympics, citing "several people with knowledge of the deliberations."

After the article appeared, RT contacted the IOC for clarification.

"This is all premature speculation before the Oswald and Schmid Commissions have even completed their work and before due process, to which any individual and organization is entitled, has been followed," reads the official answer from the committee.

Attention

Cayman financier blasts Paradise / Panama papers as fake news, says journalists who leaked them should be in prison

Anthony Travers
Anthony Travers claims there is no tax edge to investing in the Cayman Islands
Appearing on Newsnight, Chairman Anthony Travers adopted an aggressive stance to dismiss claims that people have been unlawfully stashing money in offshore accounts to avoid paying tax.

He said: "I have no idea what tax haven means and nor do you. What we are talking about is offshore financial centres that have complete transparency, the highest global standards and, incidentally, higher than the United States of America.

"What have we actually had from the Panama papers in terms of actual convictions in the UK for anything at all involving tax evasion or tax avoidance?

"The answer is nothing, certainly nothing statistically relevant. The Panama papers are fake news and this new leak from Bermuda is fake news, saved to the extent that it is a criminal endeavour to hack people's computers and these journalists should be in prison."

Comment: This latest leak appears to be just another move on the global financial chessboard, just as the Panama Papers were.