BILLIONS OF FOREIGN AID DISAPPEARS INTO TAX HAVENS

On 20 February, The Times carried an article claiming that, according to World Bank economists, billions of pounds of aid meant for the most dependent nations ends up in tax havens.  A study, “Elite Capture of Foreign Aid”, tracked aid payments to 22 nations and found that as much as a sixth flowed into havens and that the “leakage” was worst in the most dependent countries, where aid accounts for as much as 3% of GDP.  The report found that that aid disbursements to highly aid-dependent countries coincide with sharp increases in bank deposits in offshore financial centres known for bank secrecy and private wealth management.

https://www.thetimes.co.uk/article/billions-of-foreign-aid-disappears-into-tax-havens-5p0chghct

The report is at –

http://documents.worldbank.org/curated/en/493201582052636710/pdf/Elite-Capture-of-Foreign-Aid-Evidence-from-Offshore-Bank-Accounts.pdf

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s