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From wealthy citizens trying to pay less tax, to savvy swindlers and drug lords with riches to hide, people have spent decades stealthly shifting money into the tax havens of European principalities, Caribbean archipelogos and Pacific islands. Unravel the mystery of how they do it in this exclusive interactive.
So says the introduction to an exclusive interactive post* on Canada’s CBC News website (www.cbc.ca) entitled Tax havens explained: How the rich hide money.
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The post goes on to say: “Recent leaks of secret banking information have helped authorities around the world crack down on tax cheats who go offshore, resulting in billions of dollars recovered for the public purse. Now, in one of the biggest ever leaks of financial data, the International Consortium of Investigative Journalists has released data on a whopping 120,000 secret offshore entities in 10 different jurisdictions. Read more about how unscrupulous investors hire high-priced lawyers and financial advisers to move money offshore in this interactive. (Select the blue button to make choices and move through each step.)”
[The interactive covers the tax havens of:Central America: Panama; Belize
Caribbean: Bahamas; Barbadoes; Bermuda; British Virgin Islands; Cayman Islands; Nevis
Europe: Channel Islands (Guernsey & Jersey); Cyprus; Isle of Man; Liechtenstein; Switzerland Pacific: Cook Islands; Vanuatu]
Another interactive post** from CBC News entitled 38 media outlets probing one of biggest ever leaks of financial data says “A massive leak of financial data to media outlets around the globe has spurred a series of investigations into offshore banking and tax havens. Documents detailing secret accounts were leaked to the Washington, D.C.-based International Consortium of Investigative Journalists. The non-profit group granted 38 media organizations access to the database. Corporate moguls, property tycoons, lawyers and politicians are under scrutiny in the international investigation. [Go here and] select the red marker to open a window to read more about the investigations in each country.”
**Original Source [If you want to keep abreast of all the latest global news and analysis on tax havens and corruption you won’t hear anywhere else visit Taxcast – the Tax Justice Network’s monthly podcast: 15-20 minutes – here.]
The CBC post concludes by saying, “No one knows for certain how much of the planet’s private wealth is parked in tax havens. One estimate is that there’s $32 trillion stashed offshore; a more conservative calculation puts it at a minimum of $8 trillion. Either way, that means tens – if not hundreds – of billions of dollars in lost tax revenues for the world’s governments.”
Editor’s Note: The author’s views and conclusions in the above article are unaltered and no personal comments have been included to maintain the integrity of the original post. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.
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