Capital Flight Initiative

The termination of tax havens around the world as well as free flow of capital in developing countries. This will immediately result in billions of dollars of tax revenue per year for developing countries that can be used for infrastructure development and improvement of basic services. (Panel L to R) Mark Pieth, OECD; Wayne Murdy, Newmont Mining Corporation; Alan Boeckmann, Fluor Corporation; Hassan Marican, PETRONAS; Jermyn Brooks, Transparency International

The free flow of capital have been promoted for the last 30 years by the IMF and the World Bank as a way to benefit international financial institutions. The free flow of capital as well as the acceptance of tax heavens around the world, by international institutions and wealthy governments, have contributed to the under-development of developing countries by depriving them of essential taxes which could have been collected on profits made in their countries.

The amount of funds held in offshore tax havens by individuals is estimated at about $11.5 trillion. Lost tax revenue coupled with the structural adjustments programs of the IMF has forced indebted countries to cut social programs such as health care and education in order to service their external debt, assuring that people will be kept in dire poverty with no way of getting out of it.

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Bill Clinton
Watch Bill Clinton reflect on America's historic hand in Haiti's poverty, and on changing the patterns of history