Arles 2015: What do the world’s tax havens look like?

By Tom Seymour

The Sevva Club attracts a crowd of executives and managers from Hong Kong's financial district, who come there to unwind. The sweeping vista from the club terrace takes in the HSBC building designed by Norman Foster, where, even late into the evening,  employees can be seen at their desks. HSBC, one of the world's largest banks, is based in Hong Kong and London. It was recently embroiled in scandals involving money laundering and offshore  dealings which led to a record $1.9 billion fine. HSBC is currently being audited by one of the Big Four auditors, KPMG. The auditor is located in Prince's Building, which is the same building that houses Sevva, looking out onto HSBC. Fittingly, the London headquarters of HSBC are also adjacent to KPMG. Hong Kong

The global financial crisis has led to unprecedented scrutiny of financial institutions and the individuals and companies that use them. Tax avoidance – the legal exploitation of loopholes a tax system to minimise an individual or company’s tax liability – has been a particularly contentious issue, with a growing number of voices arguing that while such behaviour might be legally permissible, it is morally indefensible.

This issue provides the inspiration for Gabriele Galimberti and Paolo Wood’s The Heavens, Annual Report, which is currently on display at the Les Rencontres d’Arles Festival in the south of France.

Woods explains that the idea for …read more

Via: BJP


Marco | Editor

Editor at large and founder of a bunch of stockphoto businesses