£13tn: hoard hidden from taxman by global elite

Discussion in 'Europe and Russia' started by Predator, Jul 22, 2012.

  1. Predator

    Predator Regular Member

    Apr 25, 2012
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    £13tn: hoard hidden from taxman by global elite | Business | The Observer
    • Study estimates staggering size of offshore economy
    • Private banks help wealthiest to move cash into havens

    A global super-rich elite has exploited gaps in cross-border tax rules to hide an extraordinary £13 trillion ($21tn) of wealth offshore – as much as the American and Japanese GDPs put together – according to research commissioned by the campaign group Tax Justice Network.

    He shows that at least £13tn – perhaps up to £20tn – has leaked out of scores of countries into secretive jurisdictions such as Switzerland and the Cayman Islands with the help of private banks, which vie to attract the assets of so-called high net-worth individuals. Their wealth is, as Henry puts it, "protected by a highly paid, industrious bevy of professional enablers in the private banking, legal, accounting and investment industries taking advantage of the increasingly borderless, frictionless global economy". According to Henry's research, the top 10 private banks, which include UBS and Credit Suisse in Switzerland, as well as the US investment bank Goldman Sachs, managed more than £4tn in 2010, a sharp rise from £1.5tn five years earlier.
    Singh likes this.
  3. bengalraider

    bengalraider DFI Technocrat Stars and Ambassadors

    Oct 10, 2009
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    in a fast food joint next to the imperial shipyard
    anyone willing to bet 50 paise that at least half of that hoard has originated form our glorious land?
  4. Blackwater

    Blackwater Veteran Member Veteran Member

    Jan 9, 2012
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    Akhand Bharat
    west indies countries and Mauritius are main destination. all IPL teams owner have accounts in Mauritius:sad::sad::sad:

    zardari has most of his companies registered in bermuda:taunt::taunt::taunt:

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