The @[email protected] just published its latest #FinancialSecrecyIndex, the leading empirical index of global financial secrecy policies. The US continues to make a dismal showing, as does the UK (factoring in overseas territories).
https://fsi.taxjustice.net/en/
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Both Holland and Switzerland backslid this year.
Important to remember that "bad governance" scandals in poor countries (like the multibillion-dollar Angolaleaks scandal) involve rich financial secrecy havens as laundries for looted national treasure
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As Tax Justice breaks it down: "The secrecy world creates a criminogenic hothouse for multiple evils including fraud, tax cheating, escape from financial regulations, embezzlement, insider dealing, bribery, money laundering, and plenty more."
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"It provides multiple ways for insiders to extract wealth at the expense of societies, creating political impunity and undermining the healthy 'no taxation without representation' bargain that has underpinned the growth of accountable modern nation states."
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"Many poorer countries, deprived of tax and haemorrhaging capital into secrecy jurisdictions, rely on foreign aid handouts."
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Talk about getting you coming and going! First we make bank helping your corrupt leaders rob you blind, then we loan you money so you can keep the lights on and get fat on the interest (and force you to sell off your looted, ailing state industries as "economic reforms").
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The Taxcast, which is the Network's podcast, has a great special edition in which the index's key researchers explain their work. It's always a good day when a new Taxcast drops.
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In this special extended Taxcast, Naomi Fowler takes you on a whistle-stop guided tour on an express train around the world with some of the Tax Justice Network team, looking at the worst offenders selling secrecy services according to the latest Financial Secrecy Index results What can nations can do to protect themselves and their populations from financial and legal secrecy?
doctorow