What happens when the rich are allowed to hide their money in tax havens, and what we should do about it\ud The Panama Papers were a reminder of how the superrich are allowed to hide their wealth from the rest of us. Dirty Secrets uncovers the extent of the corruption b... View more
1. See Luke Harding, 'What Are the Panama Papers? A Guide to History's Biggest Data Leak', Guardian, 5 April 2016; 'Explore the Panama Papers Key Figures', at panamapapers.icij.org; and the Tax Justice Network's founding publication, Richard Murphy, John Christensen and Jenny Kimmis, 'Tax Us if You Can' (2005), pdf at taxjustice.net.
2. The day before the summit, David Cameron explored his political will to tackle the issue in 'The Fight Against Corruption Begins with Political Will',Guardian, 11 May 2016.
3. R. Palan, R. Murphy and C. Chavagneux, Tax Havens: How Globalization Really Works (Ithaca, NY: Cornell University Press, 2010), pp. 110, 33.
4. See 'Tax Havens and Their Use by US Taxpayers', report prepared for the Internal Revenue Service, Washington, DC ('Gordon Report'); European Commission,Code of Conduct on Business Taxation (Brussels: European Commission, 1997); OECD, Harmful Tax Competition: An Emerging Global Issue (Paris: OECD, 1998), available pdf at oecd.org.
5. Lehman Brothers in the United States, the Royal Bank of Scotland and Lloyds Bank in the UK, and Fortis in both the Netherlands and Belgium head a long list of such banks. See Wikipedia, 'List of Banks Acquired or Bankrupted during the Great Recession', at en.wikipedia.org.
6. 'London Summit - Leaders' Statement', 2 April 2009, pdf at imf.org.