Tax havens harm not just the exchequer, but also the environment

While the role of tax havens across the world in letting MNCs and wealthy individuals evade taxes and regulations is well documented, little is known about their hand in supporting economic activities that have serious ecological consequences.

A new study, published in the journal Nature Ecology Evolution on Monday, for the first time tried to assess how the capital flowing through these financial secrecy jurisdictions aid activities such as overfishing in seas and destructive land use change in the Amazon rainforests.

The team, comprising researchers from Sweden and the Netherlands and led by Victor Galaz, Deputy Director of the Stockholm Resilience Centre in Stockholm University, sifted through data from leaked classified files from law firms Appleby in 2017 (Paradise Papers) and Mossack Fonseca in 2016 (Panama Papers) and other publicly available documents.

The papers brought to light the intricate ways in which these tax havens, steeped in secrecy and opacity, cause substantial

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