New research for the Tax Justice Network campaign group – sifting through data from the Bank for International Settlements (BIS), the International Monetary Fund (IMF) and private sector analysts, shows capital flooding out of countries across the world and disappearing into the cracks in the financial system.
So what has actually gone offshore? Has this capital been sent out by the shipload? Are these containers filled with bundles of high denomination banknotes? Have giant ports been constructed in places like the Cayman Islands to handle this huge flow of goods? Are there secure guarded warehouses full of gold bars, jewellery, machine tools and old master paintings in these tax haven islands?
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