A new joint briefing paper by Global Witness, Tax Justice Network, Christian Aid and Global Financial Integrity explains how illicit financial flows out of the developing world is entrenching poverty. These flows include tax evasion, abusive transfer mispricing and the proceeds of corruption.
All of these illicit financial flows are facilitated by global financial opacity, both in tax havens and major financial centres.
As a result of the financial crisis, which was largely created by global financial opacity, governments are now starting to tackle these issues, particularly through the G20 process.
Describing a problem is not enough though: the paper outlines workable solutions.