The total amount of money stashed away in tax havens has been estimated at a whopping $11.5 trillion by the Tax Justice Network.
The Britain-based Tax Justice Network promotes transparency in international finance and opposes secrecy. Its major area of concern is tax havens.
Politicians, businessmen and non-residents across the world seek refuge in tax havens with their unaccounted income as these havens impose nil or only nominal taxes. These havens typically have laws or administrative practices under which businesses and individuals can protect them from any kind of scrutiny by tax authorities.
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