Global action on tax evasion has largely failed

[slogold]

The most concerted global push ever undertaken against international tax evasion has failed to reverse the flow of funds to offshore financial centres, according to banking industry data



Despite unprecedented action from political leaders, and a blizzard of bilateral co-operation treaties entered into by offshore centres, deposit data from the Bank of International Settlements (BIS) shows bank accounts in tax havens still held $2.7tn (£1.7tn) last year - about the same amount as in 2007.



Niels Johannesen and Gabriel Zucman, academics who were granted access to a rarely seen breakdown of BIS data, concluded: "So far, the G20 tax haven crackdown has ... largely failed ... Treaties have led to a modest relocation of bank deposits between tax havens but have not triggered significant flows of funds out of tax havens."



www.guardian.co.uk

[Libertarian]

Even the seizure of 100% of those offshore assets would not put a dent in the annual waste from govt spending in the US.

[offshoreintegrationibc]

Offshore banking is a godsend to some countries economies. The efforts will not succeed. Americans want to put their money overseas and countries want to make money.