The Paradise Papers Hacking and the Consequences of Privacy

In Congress, Republicans promote lower tax rates for American corporations even as companies employ the offshore system to pay little tax on billions of dollars in profit. This uncomfortable reality is not the focus of the tax debate in part because firms like Appleby help keep these activities secret. The public is simply unaware.

Meanwhile, there is the torrent of illegal cash that washes through tax havens and secret bank accounts — cash that is often put to illicit use, from bribing public officials to arms trafficking. The research and advocacy organization Global Financial Integrity has estimated that transnational criminal activities account for $1.6 trillion to $2.2 trillion annually. And laundered money represents 2 percent to 5 percent of global G.D.P., according to a recent report by the European Parliament.

The right of privacy keeps this underground river of money secret, but its existence has

... read more at: https://www.nytimes.com/2017/11/07/opinion/paradise-papers-hacking-privacy.html

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