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612. So close and yet so far: the ability of mandatory disclosure rules to crack down on offshore tax evasion
- Author:
- Elisa Casi, Mohammed Mardan, and Rohit Reddy Muddasani
- Publication Date:
- 10-2022
- Content Type:
- Working Paper
- Institution:
- United Nations University
- Abstract:
- We study the short-term effect of the introduction of the mandatory disclosure programme for aggressive tax arrangements by focusing on the one introduced in May 2018 under Council Directive 2018/288/EU (or DAC6). Employing bilateral data on cross-border deposits, we study the effect of this new disclosure requirement on cross-border tax evasion. Our results show a reduction of cross-border deposits in EU countries with strong enforcement, captured by large monetary penalties for misreporting. At the same time, we document a relocation of income and wealth to countries with limited intermediary reporting obligations. Finally, we detect a shortterm increase of US$14 billion in cross-border deposits held in countries offering citizenship/residence by investment programmes, suggesting the use of these schemes as regulatory arbitrage to circumvent the disclosure mandated under DAC6. We provide timely and relevant evidence contributing to the debate on international administrative cooperation to reduce cross-border tax evasion.
- Topic:
- European Union, Finance, Banking, Tax Evasion, and Administrative Cooperation
- Political Geography:
- Europe and Global Focus
613. Narrative Warfare: How the Kremlin and Russian news outlets justified a war of aggression against Ukraine
- Author:
- Nika Aleksejeva and Andy Carvin
- Publication Date:
- 02-2022
- Content Type:
- Special Report
- Institution:
- Atlantic Council
- Abstract:
- In the weeks and months leading up to Russia invading Ukraine on February 24, 2022, the Kremlin and pro-Kremlin media employed false and misleading narratives to justify military action against Ukraine, mask the Kremlin’s operational planning, and deny any responsibility for the coming war. Collectively, these narratives served as Vladimir Putin’s casus belli to engage in a war of aggression against Ukraine. To research this report, the Digital Forensic Research Lab (DFRLab) identified recurring pro-Kremlin narratives over two timeframes: the 2014–2021 interwar period and the seventy days leading up to the 2022 invasion. For the interwar period, we reviewed more than 350 fact-checks of pro-Kremlin disinformation. We then collected more than ten thousand examples of false and misleading narratives published by fourteen pro-Kremlin outlets over the seventy-day pre-invasion period. To understand how these narratives evolved, we catalogued them by themes, sub-narratives, and relationships to pre-invasion escalatory events. This allowed us to produce a timeline of false and misleading Kremlin narratives encompassing the year leading to the invasion, showing how Russia weaponized these narratives as its actions on the ground escalated toward war.
- Topic:
- News Analysis, Conflict, Narrative, Information Warfare, and Russia-Ukraine War
- Political Geography:
- Russia, Europe, and Ukraine
614. BRICS and Global Health Diplomacy in the Covid-19 Pandemic: Situating BRICS’ diplomacy within the prevailing global health governance context
- Author:
- Candice Moore
- Publication Date:
- 10-2022
- Content Type:
- Journal Article
- Journal:
- Revista Brasileira de Política Internacional (RBPI)
- Institution:
- Instituto Brasileiro de Relações Internacionais (IBRI)
- Abstract:
- BRICS have been cast as a bloc with the potential to make significant changes in Global Health. The management of the Covid-19 pandemic has shown divisions in the bloc and the limits of its ability to formulate policies or even act upon previously agreed positions. This paper employs an examination of BRICS Health Ministerial declarations and an analysis of power in International Relations to reflect on BRICS’ Global Health diplomacy during the Covid-19 pandemic, covering the key questions of vaccine research and development, vaccine nationalism, and travel bans. It finds that multiple dimensions of power matter in Global Health leadership.
- Topic:
- Health, International Cooperation, Governance, Pandemic, COVID-19, and BRICS
- Political Geography:
- Africa, Russia, China, Europe, India, Asia, South Africa, Brazil, and South America
615. Hackers, Hoodies, and Helmets: Technology and the changing face of Russian private military contractors
- Author:
- Emma Schroeder, Gavin Wilde, Justin Sherman, and Trey Herr
- Publication Date:
- 07-2022
- Content Type:
- Policy Brief
- Institution:
- Atlantic Council
- Abstract:
- The first time Russia invaded Ukraine in the twenty-first century, the Wagner Group was born. The now widely profiled private military company (PMC) played an important role in exercising Russian national power over the Crimea and portions of the Donbas—while giving Moscow a semblance of plausible deniability. In the near decade since, the Russian PMC sector has grown considerably, and is active in more than a dozen countries around the world. PMCs are paramilitary organizations established and run as private companies—though they often operate in contract with one or more states. They are profit-motivated, expeditionary groups that make a business of the conduct of war.1 PMCs are in no way a uniquely Russian phenomenon, yet the expanding footprint of Russian PMCs and their links to state interests call for a particularly Russian-focused analysis of the industry. The growth of these firms and their direct links to the Kremlin’s oligarch network as well as Moscow’s foreign media, industrial, and cyber activities present a challenge to the United States and its allies as they seek to counter Russian malicious activities abroad. As signals intelligence and offensive cyber capabilities, drones and counter-drone systems, and encrypted communications become more accessible, these technologies will prove ever more decisive to both battlefield outcomes and statecraft. More exhaustive research on these issues is necessary. The ongoing conflict resulting from Russia’s second invasion of Ukraine in this young century seems likely to shape the conduct of Russian foreign policy and security behavior for years to come—and these firms will play a part. The activities of these PMCs include high-intensity combat operations, as evidenced in Syria in 2018 and Ukraine in 2022, and a mix of population control, escort and close protection, and local direct-action activities, as seen in Libya, Mali, and elsewhere.2 Given the sourcing and dependence of Russian PMCs on Russian military service personnel and no small influence of Russian doctrine, the questions to reasonably ask include: How do changes in the Russian conduct of war and adoption of new technologies influence these PMCs? Moreover, how might these technological changes influence the role these PMCs play in Russian strategic goals and activity abroad?
- Topic:
- Security, Defense Policy, Science and Technology, Cybersecurity, Innovation, Wagner Group, Russia-Ukraine War, and Private Military Companies (PMCs)
- Political Geography:
- Russia, Europe, Eurasia, Ukraine, Middle East, and Africa
616. Beyond munitions: A gender analysis for Ukrainian security assistance
- Author:
- Cori Fleser
- Publication Date:
- 08-2022
- Content Type:
- Policy Brief
- Institution:
- Atlantic Council
- Abstract:
- From the hospitals of Mariupol to the streets of Bucha, the Russian war in Ukraine has extracted an unacceptably high cost, while banding NATO allies and partners together in an unprecedented tide of support. In bilateral and multilateral security assistance packages, the transatlantic community has sent Ukraine javelins, High-Mobility Artillery Rocket Systems (HIMARs), and all manner of weapons to defend against the Russian invasion. Still, Russia’s war continues against the nation of Ukraine and its people. So how should future military assistance account for the different impacts of the war on Ukrainian civilians? What strategies remain for NATO allies and partners to enhance their support beyond weapons and materiel? The answers lie in using gender analyses to zero in on the unique human security challenges facing Ukraine. When we overlook the role of gender in conflict, we miss the opportunity to both lead with our values and make our military support more effective. Applying a gender analysis to our security assistance is a solution that allies and partners have already agreed to implement in forums from the United Nations to NATO. In fact, it’s a tool that many allies have already developed within their own militaries. Now is the time to employ it in support of Ukraine. This starts with acknowledging the Women, Peace, and Security (WPS) Agenda. The WPS Agenda, passed under United Nations Security Council Resolution 1325 in 2000, recognizes the disproportionate impact of conflict on women and girls, and their critical role in reconstructing societies. Militaries can apply gender analyses to better understand and tailor assistance to the unique security environments in which they operate. To help policymakers think through how a gender analysis can shape what security assistance should look like—and, in many cases, how allied militaries can implement solutions at scale, and consistent with political decisions that have already been made—we are proud to offer this issue brief. Our intention is to demonstrate to global decision makers that incorporating gender can and should be integrated in real-time conflicts to achieve real results. Our support to Ukraine must not waver, but more can be done to mitigate the severe impact of Russia’s war on the Ukrainian people. Allies and partners already have the political mandate to integrate the WPS Agenda into their operations. They already have the tools, training, and technical expertise to implement it in the field. The next step is making this common practice. This issue brief spells out ten steps for how to do so in Ukraine.
- Topic:
- Security, Defense Policy, NATO, Women, Partnerships, Resilience, Society, Gender, and Russia-Ukraine War
- Political Geography:
- Russia, Europe, and Ukraine
617. Sweden and Finland are on their way to NATO membership. Here’s what needs to happen next.
- Author:
- John R. Deni
- Publication Date:
- 08-2022
- Content Type:
- Policy Brief
- Institution:
- Atlantic Council
- Abstract:
- Sweden and Finland have just cleared a big hurdle on their path to NATO membership with the US Senate’s overwhelming vote to welcome them into the Alliance. While several other allies still need to ratify the expansion, Finnish and Swedish membership in NATO is now not a question of whether but when. Even though some analysts have posited that these two countries—especially Finland, which has an 830-mile border with Russia—bring disqualifying liabilities, most Alliance leaders, NATO-watchers, and European security experts argue these newest aspirants will strengthen the Alliance. This is especially so in terms of military capabilities and capacity, but also in terms of strategic culture and geostrategic outlook. Nonetheless, in the days, weeks, and months after Finland and Sweden officially become members, there is an array of subsequent questions that these two aspirants, other allies, and NATO as an organization will need to consider—and ultimately answer. After examining the key strengths that Finland and Sweden are likely to bring into NATO, this issue brief will consider several of these critical topics. These include defense planning, operational planning, and readiness concerns.
- Topic:
- Security, Defense Policy, NATO, Diplomacy, National Security, Politics, and Russia-Ukraine War
- Political Geography:
- Russia, Europe, Eurasia, Ukraine, Finland, and Sweden
618. Will economic statecraft threaten western currency dominance? Sanctions, geopolitics, and the global monetary order
- Author:
- Carla Norrlof
- Publication Date:
- 09-2022
- Content Type:
- Working Paper
- Institution:
- Atlantic Council
- Abstract:
- The return of great power rivalry is stoking renewed fears of weakening Western currency dominance. Financial sanctions are becoming the preferred economic tool for accomplishing geopolitical goals. These instruments are especially popular with the United States and Europe. In response, rival great powers, notably China and Russia, are diversifying away from Western currencies and developing counterstrategies to maintain economic and foreign policy autonomy. As other countries are hit by increasingly punishing Western sanctions, the incentive to join Russia and China’s alternative international monetary order increases. New analysis, published in this report, shows early signs that some countries may be trying to diversify away from the dollar. A growing circle of countries attempting to evade the Western-centric financial and currency order may over time erode the dollar and the euro’s sizeable lead, though will likely fall well short of ending their global dominance. This report analyzes these trends and quantifies the extent of reserve diversification following Russia’s 2022 war on Ukraine. It also assesses the polarity of the international currency order since the onset of the euro in 2002. Reserve diversification out of the dollar, and into the euro, has been modest, though Chinese renminbi reserves grew after Russia’s February offensive in Ukraine. Dollar unipolarity declined acutely in 2017 as the number of countries sanctioned by the United States increased and the US President Donald J. Trump threatened to revoke alliance commitments. Using economic statecraft while retaining global economic influence will require the United States to keep its economic house in order and allies close, if the current unipolar currency order is to survive.
- Topic:
- Economics, Monetary Policy, Sanctions, and Geopolitics
- Political Geography:
- China, Europe, and Asia
619. The international role of the euro and the dollar: Forever in the lead?
- Author:
- Martin Mühleisen
- Publication Date:
- 09-2022
- Content Type:
- Policy Brief
- Institution:
- Atlantic Council
- Abstract:
- The international monetary system has been surprisingly resilient over the past two years, considering the size of pandemic and geopolitical shocks that hit markets during this period. Liquidity injections by the major central banks helped stabilize economic activity and avoid disruptions to capital flows or foreign exchange markets. Major exchange rates remained range-bound throughout most of the crisis, even if the dollar has appreciated sharply in recent months. Volatility is likely to pick up as monetary policy responds to high inflation, but there should be no doubt that the dollar-based monetary order has withstood a major test during the past two years. This feat has been even more remarkable as the global security landscape has deteriorated in dramatic fashion, and Russia’s invasion of Ukraine has brought international tensions to a level not seen since the 1961 Cuban missile crisis. Moreover, while the dollar’s safe haven status remains firmly established, the center of global economic activity has been shifting east. Asia has become an economic powerhouse, and China is on course to become the world’s largest economy over the next few years. It is a natural question whether China will challenge the United States and Europe for global economic leadership, and whether the renminbi will appear as a leading, if not dominant, currency. This paper argues that this is unlikely for the foreseeable future, in part because a larger global role for the renminbi would be inconsistent with the Chinese leadership’s current policy priorities. However, there is no room for complacency. With the post-World War II international order in gradual decline, the world could again reach a moment where unforeseen geopolitical events might lead to changes in long-held political and economic paradigms. The United States and Europe can reduce this risk by making their growth models more robust and sustainable. Moreover, keeping their global alliances intact could prevent a loss of influence that has heralded changes in the international monetary system in the past.
- Topic:
- Economic Growth, Currency, Financial Institutions, Digital Policy, Digital Currency, Dollar, and Euro
- Political Geography:
- Europe and United States of America
620. Privacy in cross-border digital currency: A transatlantic approach
- Author:
- Giulia Fanti and Nadia Pocher
- Publication Date:
- 09-2022
- Content Type:
- Working Paper
- Institution:
- Atlantic Council
- Abstract:
- As a growing number of countries explore Central Bank Digital Currencies (CBDCs) for the domestic context, multi-country cross-border CBDCs pilots are also proliferating. Cross-border CBDCs could make cross-border payments faster, cheaper, and simpler. However, for any cross-border CBDC to unlock these benefits and be widely adopted, it must address key concerns, chief among them risks around privacy and transparency of data. This article illustrates how various technical design choices can affect the privacy and transparency of cross-border CBDCs. For instance, architectural choices about the structure of a cross-border CBDC and representational choices about how transactions are encoded in the underlying software can have far-reaching implications for privacy and transparency—both in a domestic context and for cross-border transactions. Many of the cross-border CBDC pilot studies to date have (understandably) adopted the technical designs provided by enterprise distributed ledger platforms. However, some of these designs make tradeoffs regarding privacy, efficiency, and/or security. Whether these tradeoffs are acceptable is a matter of policy, and requires coordination between different regulators and central banks. In view of these implications—and some of the corresponding tensions that arise—we argue that the US and the EU should work together alongside other partners to create the technological and regulatory environment to enable privacy-preserving cross-border CBDCs. The US and the EU should seize the emergence of CBDCs as an opportunity to finally establish a transatlantic privacy framework, and clarify its interplay with the prevention of money laundering and financing of terrorism (AML/CFT/CPF). More broadly, both should harness the clout of their combined financial systems to develop digital asset regulation and standards with a global reach and democratic values. These regulatory developments would not only streamline regulatory guidelines, but they could also directly impact and ease the technical development of a cross-border CBDC.
- Topic:
- Privacy, Currency, Transatlantic Relations, and Digital Currency
- Political Geography:
- Europe, Canada, North America, and United States of America