In fact, a new analysis by Columbia University professor James Henry for the advocacy group Tax Justice Network, also released Monday, finds that offshore havens have “siphoned” more than $12 trillion from emerging economies, such as Russia and China.
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The Guardian sums up the report’s findings:
Henry similarly concluded that it is up to wealthy nations to reform their tax avoidance loopholes. In light of the upcoming London summit, he told ABC News that there is a “laundry list” of things Cameron can do, “starting with the beneficial ownership registration of companies and trusts, getting rid of the financial secrecy that pertains to them, and having stiffer penalties for all the so-called enablers who are facilitating this.”
Cameron recently escaped a parliamentary investigation after admitting he had a personal stake in his father’s offshore trust, which he sold before taking office in 2010. The Panama Papers revealed that Ian Cameron’s trust, Blairmore Holdings, had avoided paying UK taxes for more than 30 years.
A comprehensive, searchable Panama Papers database will go live on Monday.
“The abuses are not only shocking, but staring us directly in the face,” Sachs continued. “We didn’t need the Panama Papers to know that global tax corruption through the havens is rampant, but we can say that this abusive global system needs to be brought to a rapid end. That is what is meant by good governance under the global commitment to sustainable development.”
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