abusesaffiliationarrow-downarrow-leftarrow-rightarrow-upattack-typeburgerchevron-downchevron-leftchevron-rightchevron-upClock iconclosedeletedevelopment-povertydiscriminationdollardownloademailenvironmentexternal-linkfacebookfiltergenderglobegroupshealthinformation-outlineinformationinstagraminvestment-trade-globalisationissueslabourlanguagesShapeCombined Shapelocationmap-pinminusnewsorganisationotheroverviewpluspreviewprofilerefreshnewssearchsecurityPathtagticktooltiptwitteruniversalityweb
Article

Drug Trafficking and Money Laundering Depend on Latin America’s Tax Havens

In Latin America, taxation-related problems are rampant, especially in the Caribbean, where many islands are considered offshore financial centers (OFCs)...Along with facilitating tax evasion and money laundering, the use of tax havens for legal tax avoidance is contributing to poverty in much of Latin America...Ultimately, finance salesmen, along with social elites and multi-national corporations, are the only real beneficiaries...[T]o maximize development in poorer countries, tax avoidance must be addressed. According to the Tax Justice Network, “Tax is the most important, the most beneficial, and the most sustainable source of finance for development. The long-term goal of poor countries must be to replace foreign aid dependency with tax self-reliance.” [refers to Chiquita, Del Monte Foods, Dole]

Story timeline