World finance sand springs
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To an outsider, offshore tax havens might look like minor jurisdictions on a map, but for the world’s most wealthy, they are anything but, acting as mechanisms for protecting and controlling vast sums of money. There has always been a distance between wealth and visibility, whether through the turquoise shores of the Cayman Islands or the golden vaults of Swiss banks. But in a sudden reversal, these very havens that once promised discretion and protection no longer work quite like they used to.
Offshore finance rarely disappears. Instead, it adapts to transforming rules and oversight, while steadily continuing to grow in scale. Estimates suggest that between $21trn and $32trn of global financial assets are now held offshore, although the confidentiality of these jurisdictions makes reliable figures several and far between. The Tax Justice Network believes that the world loses around $427bn in tax revenue every single year to these illicit arrangements.
But tax avoidance is not the easy affair it once was. Traditional secrecy jurisdictions face greater pressure under OECD’s Global Minimum Tax and Reporting Standard, which has made the once convenient offshore loophole more visible an
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