Contents
Illicit money flows and tax havensTrade MisinvoicingExample of SABMillerTax evasion valuesWho takes responsibility to control illicit money?ConclusionFor decades, the Western world has profited from the trillions illicitly siphoned from the poorest countries into the global economy. It is time for the Global North to foot the bill.”
How tax havens allow illicit money flows… “The Global South, economically disadvantaged, relies heavily on support from the “wealthy industrialized” nations”. In 2022, the Global North, for instance, provided 204.02 billion USD for development aid (source: STATISTA). Yet, this aid isn’t as altruistic as it seems. Contrary to popular belief, it’s the Global South that funds the North, not the other way around. For every USD in aid sent, more than 10 USD flow back through tax evasion and avoidance, benefitting corporations, banks, and real estate owners in the Global North. This exploitative cycle is sustained by the Western-backed financial system. We must take action to change it.
Read Full Article. View All News. Subscribe Today!
Enjoy 3 Days Free Trial Cancel anytime.
Already a subscriber?Sign In
