Counting the cost: EM wealth flight | beyondbrics

Source: James S. Henry / Tax Justice Network

In 2009, G20 leaders proclaimed: “The era of banking secrecy is over.” They pledging to close down secrecy jurisdictions that enabled banks to take risks off their balance sheets and allowed wealthy companies and individuals to evade tax.

It was an empty pledge, according to a weekend report by former McKinsey chief economist James Henry, and it is costing emerging market governments a lot of money.

In his publication for the Tax Justice Network, The price of offshore revisited, Henry has attempted to put a number on the financial assets held offshore.

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