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UN experts: Offshore assets could total $25 tril. www3.nhk.or.jp
United Nations human rights experts estimate individuals hold up to 25 trillion dollars of funds in tax havens.
The experts, including members of the UN Human Rights Council Advisory Committee, released the estimate in a statement on Thursday.
They said wealthy investors hide 7 to 25 trillion dollars offshore. As a result, they said countries lose hundreds of billions of dollars in tax revenues.
They said individuals and corporations are effectively stealing from public services such as health care, education and social security by hiding funds offshore.
They called on governments to work together and set up a UN body to eliminate tax havens.
Panama and other countries in Central America and the Caribbean attract wealthy individuals and companies by offering significantly lower tax rates.
Leaked financial documents known as the Panama Papers put the spotlight on the issue of tax avoidance.
The International Consortium of Investigative Journalists, or ICIJ, has called the Panama Papers database the largest of its kind ever released.
The documents were originally leaked to the German newspaper Sueddeutsche Zeitung.
Published Date:2016-10-07
