Tax havens will siphon trillions unless action taken
Over the next 10 years, says the Tax Justice Network, countries will lose nearly US$5-trillion in tax abuse because of the dodgy dealings of multinational corporations and wealthy individuals using tax havens to avoid paying what is due by them. The organisation is pushing for regulation of the global tax network to transfer to the UN, as it argues that the OECD – the current tax watchdog– is failing to curb tax evasion and illicit financial flows.