Tax Evasion

OECD in “Game-Changing” Move to Halt Tax Evasion

A major grouping of rich countries has unveiled a new model for the automatic exchange of certain individual financial information between countries, aimed at significantly cutting down on offshore tax evasion.

Illicit Capital Leaving Developing Countries Up by 14 Percent

Developing countries are likely losing more than a trillion dollars a year in "illicit financial flows" stemming from crime and corruption, according to new estimates. This fast-rising figure is already 10 times the total amount of foreign aid these countries are receiving.

Giant Companies Pinpricked by ‘Direct Democracy’

A Swiss village has decided to reject tax money from the firm Glencore and to instead donate it to charities. Other towns may follow, sending a strong signal to the government to follow the U.S. and the EU and introduce transparency rules for the extractive industry.

OECD Proposes Plan to Curb International Tax Avoidance

Finance ministers from the Group of 20 (G20) countries on Friday received a previously requested strategy under which the world’s largest economies could crack down on international tax avoidance, particularly on the part of multinational corporations.

Africa “Net Creditor” to Rest of World, New Data Shows

Over the past three decades, Africa has functioned as a “net creditor” to the rest of the world, the result of a cumulative outflow of nearly a trillion and a half dollars from the continent.

Momentum Builds in U.S., Beyond to End Corporate Tax Evasion

The U.S. government’s main watchdog on Monday reported that U.S. corporations are paying taxes on less than half of their declared income, largely due to dozens of tax breaks that have come under increased scrutiny in recent months.

Commodities Trade Haven Faces Protests

The powerful Swiss commodity sector is under fire here, as citizens fed up with government inaction on charges of corporate corruption, tax evasion and lack of transparency gear up for major protests.

U.S. Firms Stash Tens of Billions in Tax Havens, Govt Says

The research arm of the U.S. Congress is warning that U.S. corporations’ use of tax havens has risen substantially in recent years, with companies offering massively inflated profit reports from small countries with loose tax regulations.

Financial Crimes Cost Developing World At Least a Trillion Dollars

The developing world lost nearly one trillion dollars in 2010 as a result of corruption, tax evasion, and other financial crimes not involving cash transactions, according to a new report released here Monday by Global Financial Integrity (GFI).

Helsinki Boycotts Tax Havens

The City of Helsinki added its voice to a growing global call against corporate tax evasion with the passage of a new responsibility strategy that leaves no room for unethical business practices.

Bankers or ‘Banksters’?

European media, political leaders, and the citizenry are bashing bankers again, overtly calling them at best accomplices of numerous illegal activities, at worst downright criminals.