Illicit capital flight and tax havens

Illicit capital flight and tax havens Attacs landsmøte, 2. mars 2014 Sigrid Klæboe Jacobsen

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Illicit capital flight from developing countries $700 bn Crime $30 bnCorruption Commercial activity Source: Global Financial Integrity $331 bn

Marta Luttgrodt Local impact

Financial Secrecy Index

217.000 companies 1209 Orange Street, Delaware, USA

Example Switzerland

Methods to dodge tax Transfer pricing Trusts «Check the box»

Kilde: «Piping Profits» – Publish What You Pay

Investments through tax havens 50% Business investments to developing countries passing through tax havens

«The secret to success is to own nothing, but control everything» - Nelson Rockefeller, former vice president of the USA «I own nothing» - John Fredriksen, Norways richest man

Measures for more transparency Open companies Country-by-country reporting Open countries Automatic exchange of information Open ownerships Beneficial ownership registries

«Nevertheless, the best of intentions may not mix well with national and global tax systems that are increasingly outdated. An overhaul is needed. The place to start is with a robust and frank assessment of whether current tax systems are still fit for purpose. And the simple answer is that they aren’t, because they were created for a world very different from today’s.» “The world has moved on. Tax systems need to do the same – and soon.» PwC, Global Annual Review 2013

Unitary taxation

New research needed

taxjustice.no

Kilder på nett Piping profits Ti av verdens største olje- og utvinningsselskaper eier over 6000 datterselskaper. Over en tredjedel av datterselskapene er i skatteparadis. Tre norske selskaper er vurdert. Søkbar database: http://www.publishwhatyoupay.no/en/piping-profits Offshore leaks: http://www.icij.org/offshore Financial Secrecy Index Hvert enkelt land vurdert etter 16 faktorer av hemmelighold. Landrapporter til 82 ulike land. http://www.financialsecrecyindex.com/introduction/fsi-2013- results Nøkkeltall – www.taxjustice.no Nøkkeltall med referanser http://taxjustice.no/ressurser/tall

New «app»: moneytrail.no Thank you for your time! Sigrid Klæboe Jacobsen Director Tlf. + 47 46861189 sigrid@taxjustice.no www.taxjustice.no