Developing aid vs. Tax Havens: Illicit money flows

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.

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