Property News · May 16, 2016

Property and the cancer of corruption | Letters


Campaign groups branded the anti-corruption summit in London a missed opportunity (Report, 13 May). David Cameron failed to force any concessions from the British Virgin Islands, while John Kerry said transparency in US states such as Delaware was “a matter for Congress”. Surely this shouldn’t surprise us? Tax havens are at the heart of a corrupt financial trade now worth at least $1trn worldwide and every country is involved.So how can this problem be solved? Gordon Brown is right to put emphasis on the EU as the only body that could apply real pressure on the US to increase transparency (Report, 12 May). But even an alliance between the US and Europe might simply push secret banking to other offshore territories in east Asia. The answer must be to campaign in the short term for greater EU-US cooperation, but at the same time work to construct a global economic community, capable of regulating all financial transactions. Continue reading…

Source : theguardian.com
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