from Yona Maro

`There’s a building in the Cayman Islands that houses supposedly 12,000 US corporations. That’s either the biggest building in the world or the biggest tax scam in the world.’ – Barack Obama, US President

US$160bn every year is the amount of revenue being denied to developing countries by unscrupulous multinational corporations that use tax haven secrecy to dodge taxes. The Organisation for Economic Co-operation and Development (OECD) – a body that brings together the world’s wealthiest nations – recognises that developing countries are losing more from tax dodging than they receive in aid. In 2010 the International Monetary Fund (IMF) estimated that the money on the balance sheets of small island tax havens alone amounted to US$18tn – about a third of the world’s financial wealth.

An end to tax haven secrecy would make it easier for tax authorities in all countries – including developing countries – to detect where tax dodging is going on and claw back the money they are losing.
http://www.christianaid.org.uk/images/TaxHavenBriefing.pdf