RFERL.org
July 28, 2012
The report looked at the amount of money hidden away.
Gaps in cross-border tax rules have allowed a very small number of the world’s super-rich elite to hide an estimated $21 trillion in offshore bank accounts. That’s according to a new study, “The Price of Offshore Revisited.”
The astounding amount of hidden money cited in the report is more than the gross domestic products of the American and Japanese economies combined. The research was commissioned by the Tax Justice Network -- an independent organization started by the British Parliament to promote reform. The report’s author, James Henry, is the former chief economist for the global management consultant firm McKinsey & Company. RFE/RL's Bruce Jacobs spoke with him by phone from New York.
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