Invisible Riches: Offshore Tax Evasion and the Global Crackdown

Geoffrey Loomer

Abstract


Recent studies of international banking data suggest that a staggering amount of global financial wealth (between $US 10 and 20 trillion) is held in "offshore financial centres" or "tax havens", with over $US 5 trillion of such financial wealth being unreported or unidentified. This is despite the fact that governments and international organizations, including the OECD and G20, have aggressively targeted offshore tax evasion since the 2008 financial crisis, with the G20 declaring in 2009 that "the era of banking secrecy is over".

In this lecture we will explore the following questions:

* What is the nature of the international tax evasion problem, particularly for Canada?
* How has the Canadian government enhanced our tax laws and treaty networks to stem the outflow of money?
* Is the Canada Revenue Agency doing anything to bring tax evaders to justice? (or is that the job of the CBC?)
* Is the era of banking secrecy really over?

Keywords


Income Tax; International Law; Commercial Law

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