Barclays has been caught pushing its rich corporate clients towards using offshore tax havens. It’s been calling itself the “Pioneer of Offshore” and encouraging clients to set up shop in the African tax haven of Mauritius
The bank likes to make a lot of noise about changing its ways, but Barclays’ offshore corporate business is there to make sure its corporate clients are still taken care of. Barclays is still advising clients wishing to do business in Africa to set up in tax havens.
We're working with our friends at ActionAid to push Barclays to clean up its act. In a few weeks at its annual meeting, its CEO will try and tell the public and shareholders that the bank has changed. If we can show Barclays we’ve seen through its polished PR claims before then, we can push the bank to take real action to tackle tax avoidance.
Can you tell Barclays to stop helping businesses set up in tax havens like Mauritius?
Barclays has really been through the wars recently, the poor mites. It’s been desperately trying to improve its image. But this new ethical image only goes skin deep, scratch the surface and it’s the same old Barclays.
We already know that public pressure works with Barclays. Scandal after scandal, from PPI to bonuses, provoked a huge public outcry and forced them to make big changes in the way they operate. We need to show Barclays' CEO that he needs to go further and faster and stop his bank propping up dodgy tax havens.
Tell Barclays CEO Anthony Jenkins to stop pushing clients towards offshore tax havens that cost many developing countries millions in lost taxes.
Row as Barclays promotes tax havens as 'gateway for investment' in Africa, The Guardian, November 2013.
MPs tell Barclays' tax haven to get out of Africa, The Telegraph, 27 March 2014.