That hidden wealth is costing governments $280 billion a year in lost tax revenue, the report says.
The report says much of that wealth is held by fewer than 10 million of the global super-wealthy and is handled by the world's 50 largest banks. Today's "pirate banking" clients include everyone from "30-year-old Chinese real-estate speculators and Silicon Valley software tycoons to Dubai oil sheks, Russian presidents, mineral-rich African dictators and Mexican drug lords," the report said.
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"The 'pirate banking' system now launders, shelters, manages and, if necessary, re-domiciles the riches of many of the world's worst villains, as well as the tangible and intangible assets and liabilities of many of our wealthiest individuals," said the report.
That hidden wealth is costing governments $280 billion a year in lost tax revenue, the report says.
ReplyDeleteThe report says much of that wealth is held by fewer than 10 million of the global super-wealthy and is handled by the world's 50 largest banks. Today's "pirate banking" clients include everyone from "30-year-old Chinese real-estate speculators and Silicon Valley software tycoons to Dubai oil sheks, Russian presidents, mineral-rich African dictators and Mexican drug lords," the report said.
[More From CNBC: What Would It Take for You to Feel Rich?]
"The 'pirate banking' system now launders, shelters, manages and, if necessary, re-domiciles the riches of many of the world's worst villains, as well as the tangible and intangible assets and liabilities of many of our wealthiest individuals," said the report.