About US$1.3trillion illicitly leave developing countries every year, according to World Bank estimates. This represents a huge loss and a serious development issue. Many of these flows, which dwarf global development assistance, are channeled through tax havens or ‘secrecy jurisdictions’. More than half of this money is driven by transnational corporations’ tax evasion and tax avoidance schemes. Many of these companies come from Europe and many of the tax havens are also European.
Eurodad, together with members and other allies, advocates for the end of tax havens and to ensure that the fight against illicit flows is a key point on the agenda of European governments.