Rich Latin Americans hid '$2 trillion' in tax havens

Agent-x - July 29 2012, 11:57 PM

According to brecorder-com on Tuesday, 24 July 2012 article written by Abdul AhadRich, Latin Americans hid '$2 trillion' in tax havens.

SAO PAULO: The wealthiest people in 33 Latin American and Caribbean nations stashed more than $2 trillion of assets in offshore tax havens between 1970 and 2010, an independent tax-transparency group has said.
The British-based Tax Justice Network (TJN) said in a report released Sunday that the exact figure, $2.058 trillion, compares with a combined foreign debt of $1.01 trillion for those countries.

The report, written James Henry, former chief economist at McKinsey & Company, the global management consulting firm, estimated that $21-$32 trillion in unrecorded wealth is stashed in such tax havens as Switzerland and the Cayman Islands.

The survey notably looked at the unrecorded capital flows, offshore assets and offshore earnings of wealthy individuals in 33 of the 40 countries that make up the Latin American and Caribbean region, during the 1970-2010 period.

Rich Brazilians were found to have placed $519.5 billion in offshore tax havens, ranking fourth in the world after their counterparts from China ($1.2 trillion), Russia and South Korea (each with $779 billion).

In Latin America, the Brazilians were followed by Mexicans ($417.5 billion...

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