What
we don't do

Tax evasion and money laundering are two economic scourges that must be fought and not promoted as many irresponsible international firms do. These pseudo tax optimization services are the source of social inequalities, the impoverishment of populations and the limitation of the financial capacities of the public authorities making them incappable to meet the challenges of climate change, the distribution of wealth and the establishment of sustainable economy. Himilcon has an ethic of social and environmental responsibility. Himilcon helps its clients to become aware of the finite resources of our planet and encourages them to invest in the sustainable, social and solidarity economy which is radically the opposite of selfish thinking and the earning of money by all means becomes the sole obsession of a company.

We don’t offer tax avoidance advice and we will never be part the masterminds of multinational tax avoidance and the architects of tax schemes which cost governments and their taxpayers an estimated $US1 trillion a year". At the same time they are advising governments on tax reforms, they are advising their multinational clients on how to avoid taxes.

Advance tax rulings are common in numerous countries. The Luxembourg Leaks provide insight into the practice of advance tax rulings in Luxembourg used by corporations as a tool for devising strategies that help them avoid taxes.

We don't participate directly or indirectly to taking any action with property of any form which is either wholly or in part the proceeds of a crime that will disguise the fact that that property is the proceeds of a crime or obscure the beneficial ownership of said property.

"Two decades of financial disasters from Enron Inc.’s collapse in 2001 to Wirecard AG’s meltdown have left the Big Four accounting firms facing a major cultural problem that regulators may struggle to resolve. The 1.9 billion euros ($2.1 billion) missing from Wirecard’s balance sheet brought the chief executive officer’s arrest, the German payments firm’s insolvency filing and a lot of finger-pointing. Some have blamed German regulator BaFin for its oversight failures. Wirecard’s auditor, Ernst & Young, called it an “elaborate” fraud that even a very rigorous probe may not have discovered."

More information: Wirecard Exposes Big 4 Accounting Lapses Endure Post-Enron, Bloomberg

"South African regulators are stepping up efforts to break the oligopoly of the country’s top auditing firms after accounting scandals involving two of the Big Four failed to do the job for them."

"The nation’s largest publicly-traded companies are reluctant to switch to mid-tier firms out of concern they may not be able to handle complex operations often sprawled across Africa or further abroad. That’s spurring smaller firms to scale up their businesses and hire teams in anticipation of new rules aimed at dismantling the dominance of PwC, Deloitte, EY and KPMG."

"The industry has been in turmoil since late 2017, when KPMG was blasted for working for a family accused of using politicians to loot the government, known locally as state capture. The firm had to retract a report for the tax agency and was involved with a bank that failed due to alleged fraud. Deloitte came under fire for accounting irregularities that led to the near collapse of a South African-born global retailer and a criminal probe at a sugar producer."

"The regulator is now developing guidelines on how firms can perform joint audits to upskill mid-tier companies, while also encouraging smaller auditors to combine their operations or cooperate to handle larger mandates. The board is ramping up its monitoring role to ensure larger firms don’t collude in switching among themselves when mandatory rotation starts in 2023."

More information : South African regulators want to dismantle Big Four auditors after scandals. News 24.

"In June 2005, top KPMG executives and their lawyers met with a gaggle of prosecutors to discuss the Justice Department’s criminal probe into the firm’s tax shelter business. The government claimed KPMG had lied to the IRS about how its shelters were put together and that OPIS and other KPMG shelters were shams that used shell companies and bogus loans to generate at least $11 billion in paper losses that cost the U.S. Treasury $2.5 billion."

"In the end, the government charged the company with a single count of tax fraud, then quickly dismissed the charge under a “deferred prosecution” agreement that allowed KPMG to put the criminal case behind it by paying $456 million in penalties. The case made it clear, anticorruption activists say, that a “Too Big To Fail” philosophy discourages authorities from getting too tough with big audit firms."
More information : Big 4 Audit Firms Play Big Role in Offshore Murk, International Consortium of Investigative Journalists.