James S. Henry, a Columbia University professor, estimates that more than $12tn has been moved out of Russia, China and other emerging economies into offshore accounts. His analysis for Tax Justice Network — coming after the Panama Papers revealed a global, systemic tax avoidance network — shows that by the end of 2014, $1.3t trillion of assets from Russia alone had been siphoned off, reports Heather Stewart.
What’s more, these tax havens also serve criminals and kleptocrats who want to keep their wealth secret and their laundered money safe.
Read more at The Guardian
