Friday, December 20, 2013

A haven for dirty money?

Rich smell: The forum for rich countries issues an overdue mea culpa
THE leakage of wealth from poor countries through tax evasion, money laundering and other misdeeds is becoming an ever bigger worry for those who want poor countries to get rich. Global Financial Integrity calculates that such “illicit financial flows” have increased sharply over the past decade and may now be $1 trillion a year or more. Even experts who question the campaigning group’s methodology accept that outflows probably exceed incoming aid and investment combined.
The Economist follows on with a quite critical assessment of the efforts of Australia on money laundering including this comparison:

This should have some implications for Cairns which has been reported as a prominent location for corrupt money from PNG in particular.

Previous posts:
PNG crime links to Cairns
PNG investors roll into Cairns
PNG high rollin'
Foreign invasion called off

1 comment:

  1. I missed this in the Economist. Let's hope treasury is sufficiently embarrassed to do something.