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tax havens
Economy

Developing aid vs. Tax Havens: Illicit money flows

The West is not financing the Global South, but they finance the West.

Joe Boateng
Last updated: March 15, 2024 3:18 pm
Joe Boateng - Editor
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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.

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TAGGED:economyillicit money flowspolitical actionpolitical regulationspoliticstax havenstrade misinvoicing
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ByJoe Boateng
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Seasoned news editor with a passion for decolonization and its impact on global affairs. Unravelling complex geopolitical narratives and present them in a concise and accessible manner. A dedicated advocate for diversity and inclusion in journalism. Actively reaching out, particularly those from marginalized backgrounds, to empower them to tell their own stories and contribute to a more equitable media landscape.
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