The Roman Catholic Church has released a policy paper blaming offshore centres for the global financial turmoil.
The Roman Catholic Church has released a policy paper blaming offshore centres for the global financial turmoil, and calling for a closure of tax havens as a ‘necessary first step’ to rebuilding the global economy.
The paper blames offshore centres for current financial problems, and argues that they act to rob the poor by an unfair transferral of wealth. It cites research suggesting that the global shortfall in taxes resulting from offshore centres could be as high as £175 billion, or “more than three times the entire sum of (global) development aid.”
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