Ethics and governance in the European Financial centers

Riochard Murphy observes that in a recent study, Global Witness, Tax Justice Network, Christian Aid and Global Financial Integrity explains how illicit financial flows out of the developing world is entrenching poverty. These flows include tax evasion, abusive transfer mispricing and the proceeds of corruption. All of these illicit financial flows are facilitated by global financial opacity, both in tax havens and major financial centres.

Unfortunately tax havens and major financial centres deny the issue, like Luxembourg. However the calculation is realistic enough despite secrecy to be aware that the issue exist whatever the accurate amounts.