Learn About Illicit Financial Flows
Key Terms

G8 Leaders Tackle Tax Havens and Global Inequality

June 13, 2013

By John Bugnacki

John Bugnacki is a Communications Intern with Global Financial Integrity.

Since the 1960s, President John F. Kennedy, the OECD, and European leaders of the G8 have all committed to tackling tax havens, with a mixed record of successful reform. However, leading up to this week’s meeting of the G8, David Cameron is calling for the organization’s leaders to commit to addressing the global shadow financial system that has allowed illicit financial flows to stream into tax havens.

In this week’s issue of the Economist, Paul Collier of Oxford University, an adviser to Cameron, argues that transparency reforms are a positive step forward for global development, “Instead of preaching to poor countries or promising to double aid, which we never did anyway, the idea now is for the G8 to put its own house in order, in ways that are good for us and also good for Africa.”

Share

Disclaimer: Unless specifically stated to be the views of the Financial Transparency Coalition, the opinions expressed on this blog are solely the opinions of the individual blogger and are not necessarily those of the Financial Transparency Coalition.

Latest Press Releases

$2 lost for every $1 gained: New report shows global financial system fails developing countries

Eurodad · December 18, 2014

Developing countries are losing twice as much money as they earn because of issues like tax evasion, profits taken out by foreign ...

Eurodad and Tax Justice Network Named to List of “Global Tax 50”

Financial Transparency Coalition · December 17, 2014

WASHINGTON D.C.—The Financial Transparency Coalition congratulates two members of its Coordinating Committee who were named to the International Tax Review’s “Global ...

EU compromise tightens regulation on shell companies, but without public access, many still in the dark

Financial Transparency Coalition · December 17, 2014

BRUSSELS — In a deal reached last night, parliamentarians and campaigners have succeeded in making company ownership a fundamental topic. While EU ...