PressTV.ir
Thu Jul 26, 2012
8:31AM GMT
A newly published report has revealed that a minority of “super-rich elite” from across the world have hidden more than USD 21 trillion in tax havens.
According to report published on July 21by the UK newspaper Guardian, at least £13 trillion (USD 20 trillion) has leaked out of scores of countries into states including Switzerland and the Cayman Islands with the help of private banks and the exploitation of tax loopholes.
The report also found that two Swiss private banks, UBS and Credit Suisse along with the US investment bank Goldman Sachs, managed more than £4 trillion in 2010, which shows a three-fold increase compared to five years earlier.
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