Tax Justice Network found that the most wealthy have as much as $32 trillion of hidden financial assets in offshore tax havens.
Up to $280bn is lost in tax revenues as wealthy individuals park financial assets in offshore tax havens.
This amounts to roughly the US and Japanese GDP combined. Roughly 10 million people worldwide have offshore accounts, with 100,000 people owning half of those secreted assets.
"What's shocking is that some of the world's biggest banks are up to their eyeballs in helping their clients evade taxes and shift their wealth offshore," said Christensen.
"We're talking about very big, well-known brands - HSBC, Citigroup, Bank of America, UBS, Credit Suisse - some of the world's biggest banks are involved... and they do it knowing fully well that their clients, more often than not, are evading and avoiding taxes."
Much of this activity, Christensen added, was illegal. [emphasis mine]
How come I'm not surprised at all...
Al Jazeera reports more and more accurate data than corporate commercial TV, print news, and radio. At least we have alternative news sources.