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Banks Are the Largest Abusers of Offshore Tax Havens

Washington’s Blog [1]
Wednesday, May 6, 2009

Enron was lambasted for using offshore tax havens [2] and complicated corporate structures to avoid paying taxes.

But the big banks are worse.

As the Financial Times notes [3]:

In recent separate surveys by the US Government Accountability Office and the Tax Justice Network, the largest user of tax havens in every country surveyed was a bank. Tax authorities have enormous problems puzzling out these structures. If they can, it is often hard to characterise them as shams.