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"Tax havens are at the core of a global system that allows large corporations and wealthy individuals to avoid paying their fair share," said Raymond C.
Offenheiser, president of Oxfam America, "depriving governments, rich and poor, of the resources they need to provide vital public services and tackle rising inequality." International Monetary Fund (IMF) researchers estimated in July 2015 that profit shifting by multinational companies costs developing countries around US3 billion a year, almost two percent of their national income.
Other offshore shell company transactions described in the documents do seem to have broken exchange laws, violated trade sanctions or stemmed from political corruption, according to ICIJ reporters.
For example: Estate planning is another example of legal tax avoidance.
Igor Angelini, head of Europol's Financial Intelligence Group, said that shell companies "play an important role in large-scale money laundering activities" and that they are often a means to "transfer bribe money".
Tax Justice Network concluded in a 2012 report that "designing commercial tax abuse schemes and turning a blind eye upon suspicious transactions have become an inherent part of the work of bankers and accountants." Money-laundering affects the first world as well, since a favored shell company investment is real estate in Europe and North America.
He bought three houses in Vancouver and Surrey, British Columbia together valued at CA.3 million during a three-month period in June 2014.Prices are being artificially driven up by overseas criminals who want to sequester their assets here in the UK".Andy Yan, an urban planning researcher and adjunct professor at the University of British Columbia, studied real estate sales in Vancouver—also thought to be affected by foreign purchasers—found that 18% of the transactions in Vancouver's most expensive neighborhoods were cash purchases, and 66% of the owners appeared to be Chinese nationals or recent arrivals from China.Countries meeting none of these criteria, such as Panama, Vanuatu and Lebanon, would go on the blacklist.Countries that meet only one criterion would go on the greylist.