Corrupt officials steal one trillion dollars from world's poorest nations every year, claims anti-poverty
According to anti-poverty group ONE, world's poorest nations are robbed of at least one trillion dollars by corrupt officials who steal cash through fraud, money laundering and tax evasion every year.
The anti-poverty group co-founded by rock star Bono also urged the G20 group of rich countries to reveal the names of shell companies that raid these countries.
According to the Independent, the group claims that the stolen money is channeled to secret places including London, Hong Kong and Delaware.
If the missing money was taxed, it could generate revenue of at least 19.5 billion dollars in one year, said the anti-poverty group.
ONE proposed a four point plan to G20 leaders urging them to expose the shell companies, bring strong payment disclosure laws, make strict laws against tax evasion and ensure all governments publish all the related data.
(Posted on 03-09-2014)