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.

The report is at –

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

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