Oxfam says EU tax havens hold $12 trillion in offshore wealth
By Rebecca Christie, Bloomberg Business
Tax havens under European Union jurisdiction hold 9.5 trillion euros ($12 trillion) in global offshore wealth that translates into $100 billion in lost government revenue each year, according to a study released today by Oxfam International.
The U.K. and its dependencies, such as the Cayman Islands and Bermuda, account for about half of the total, Oxfam said in a study released today to coincide with a meeting of EU leaders in Brussels. The U.K.-based aid group cited Luxembourg, Andorra and Malta as examples of the jurisdictions in its study.
“European leaders have absolutely no excuse not to act when you see what proportion of this money is stashed right under their noses in tax havens for which they are responsible, Client ” said Natalia Alonso, head of Oxfam’s EU office, in a statement.
Oxfam estimates that at least $18.5 trillion is hidden by wealthy individuals in worldwide tax havens, based on its analysis of data from the Bank of International Settlements, the International Monetary Fund and national authorities.
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