The global financial system is infected with dirty money. Despite decades of progress in strengthening policies aimed at stamping out cross-border tax evasion and money laundering, many of those looking to stash their money overseas to avoid taxation or prosecution can still do so with relative impunity. As the FinCEN Files scandal last year revealed, banks—themselves the tip of the spear in the fight against financial crime—often fail to catch the worst offenders in a timely manner. Tax authorities and financial intelligence units also struggle to keep up, due to the basic fact that it becomes very difficult to track what happens to money the minute it leaves your economy and goes offshore.
The hacker, the tax haven, and what $200 million in offshore deposits can tell us about the fight against illicit wealth (Brookings)
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