An estimated US $21 to $32 trillion of private financial wealth is untaxed in tax havens around the world. This encourages tax evasion and state looting through offshore secrecy. The Financial Secrecy Index has revealed that efforts to crack down on tax havens and financial secrecy are futile because the people helped by illicit funds are the ones setting the rules. Meanwhile, a study by the Tax Justice Network has revealed that Cayman Islands’ legal and financial systems encourage laundering and concealing of illicit funds, making it the most preferred destination for such crimes…

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