Attacking tax havens

The era of bank secrecy is over,” declared a 2009 G20 communique — except it isn’t, apparently. While black money worldwide has likely decreased following amnesty schemes and stepped-up enforcement in the last three years, it is clear that it has not gone far enough. A just-released report from the non-governmental organisation Tax Justice Network, written by a former chief economist for McKinsey and Company, has used an innovative method to document the size of flows to tax havens from a set of developing and emerging economies.

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