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Offshore finance: more than £12tn siphoned out of emerging countries
Source: The Guardian
Offshore finance: more than £12tn siphoned out of emerging countries
Analysis shows £1.3tn of assets from Russia sitting offshore,
as David Cameron prepares to host anti-corruption summit
Heather Stewart Political editor
Sunday 8 May 2016 16.55 BST
More than $12tn (£8tn) has been siphoned out of Russia, China and other emerging economies into the secretive world of offshore finance, new research has revealed, as David Cameron prepares to host world leaders for an anti-corruption summit.
A detailed 18-month research project has uncovered a sharp increase in the capital flowing offshore from developing countries, in particular Russia and China.
The analysis, carried out by Columbia University professor James S Henry for the Tax Justice Network, shows that by the end of 2014, $1.3tn of assets from Russia were sitting offshore. The figures, which came from compiling and cross-checking data from global institutions including the International Monetary Fund and the United Nations, follow the Panama Papers revelations of global, systemic tax avoidance.
Chinese citizens have $1.2tn stashed away in tax havens, once estimates for Hong Kong and Macau are included. Malaysia, Thailand and Indonesia – all of which have seen high-profile corruption scandals in recent years – also come high on the list of the worst-affected countries.
[font size=1]-snip-[/font]
Analysis shows £1.3tn of assets from Russia sitting offshore,
as David Cameron prepares to host anti-corruption summit
Heather Stewart Political editor
Sunday 8 May 2016 16.55 BST
More than $12tn (£8tn) has been siphoned out of Russia, China and other emerging economies into the secretive world of offshore finance, new research has revealed, as David Cameron prepares to host world leaders for an anti-corruption summit.
A detailed 18-month research project has uncovered a sharp increase in the capital flowing offshore from developing countries, in particular Russia and China.
The analysis, carried out by Columbia University professor James S Henry for the Tax Justice Network, shows that by the end of 2014, $1.3tn of assets from Russia were sitting offshore. The figures, which came from compiling and cross-checking data from global institutions including the International Monetary Fund and the United Nations, follow the Panama Papers revelations of global, systemic tax avoidance.
Chinese citizens have $1.2tn stashed away in tax havens, once estimates for Hong Kong and Macau are included. Malaysia, Thailand and Indonesia – all of which have seen high-profile corruption scandals in recent years – also come high on the list of the worst-affected countries.
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Read more: https://www.theguardian.com/business/2016/may/08/offshore-finance-emerging-countries-russia-david-cameron-summit