US now champion for hiding wealth: NGO

LONDON: The United States now tops the global ranking of countries complicit in helping people hide their wealth, a pressure group said on Tuesday and accused the world’s leading nations of blocking progress on reducing financial secrecy.

Ahead of a meeting of G7 finance ministers in Germany on Wednesday, the Tax Justice Network called for the creation of a global asset register to end the ability of wealthy individuals to hide trillions in dollars. "Globally, we’re starting to curb the financial secrecy used by Russian oligarchs, and also by tax evaders, corrupt politicians and organised crime around the world to hide and launder ill-gotten wealth," said Alex Cobham, chief executive at the Tax Justice Network.

"But the US, UK, Germany, Italy and Japan cut back that global progress by more than half, fuelling financial secrecy instead of fighting it," he added. Tax Justice Network cited an EU estimate of $10 trillion being held offshore beyond the rule of law by wealthy individuals through secretive arrangements.