Up to $25 trillion placed in offshore accounts, UN

Up to $25 trillion placed in offshore accounts, UNThe UN has urged on the authorities of States to combat the tax evasion vigorously, the UN news Center.

Offshore is from $7.6 trillion to 25 trillion, according by human rights defenders United Nations (UN) in conjunction with information about large-scale illegal use of offshore accounts in the Bahamas.

The share of undeclared funds held in offshore accounts, may be 80%.

The UN reported: “This means that many of the country annually loses hundreds of billions of dollars that could be spent on social projects and combating poverty.”

The organization called on the authorities of States to ensure liability of financial institutions for their complicity in the schemes of tax evasion.

The independent expert on the effects of foreign debt on the full enjoyment of all human rights Juan Pablo Bohoslavsky and two members of the Advisory Committee of the Council for human rights Obiora Okafor and Jean Ziegler called on States to eliminate secret “tax havens” and create a UN working group on the prevention of cases of tax evasion.

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