
For Global Economic Development, US Must Combat Financial Secrecy
Financial secrecy is a growing global challenge. Much more than criminals stashing cash on tropical islands, financial secrecy is a big business, with more than $20 trillion US dollars hidden away in secretive tax havens around the world. The staggering size of the illicit economy means that all countries are impacted, not just rich ones.
In a number of ways, financial secrecy keeps poor countries poor. With access to secretive financial markets, bad actors can steal state funds and stash them abroad, contributing to capital flight and decreasing the tax base. Financial secrecy also allows authoritarians to use public resources as bargaining chips to maintain power.… Seguir leyendo »