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- Dec 13, 2015
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Excerpt:
The fraud is at a massive level and it is truly global in nature.
Most afraid of any investigation likely are the "Putin Mob" that expropriated state enterprises (and particularly the more lucrative Mineral-Source companies), and had them privatized. When in fact they were (by law) the property of the Russian people ...
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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.
The fraud is at a massive level and it is truly global in nature.
Most afraid of any investigation likely are the "Putin Mob" that expropriated state enterprises (and particularly the more lucrative Mineral-Source companies), and had them privatized. When in fact they were (by law) the property of the Russian people ...
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