Money laundering, fraud and corruption add up to a whopping $38bn to $64bn each year in lost tax revenue to developing countries, according to a report by ONE, an international campaigning and advocacy organisation.
Co-founded by singer Bono, the organisation mobilises support around issues of development and the fight against extreme poverty. It is estimated that the total cost of corrupt practices in developing nations is equal to an annual volume of $1,000bn or €750bn. In other words, it’s the heist of the century.
The fact that non-governmental organisations (NGOs) like ONE have embarked on the fight against these crimes says a lot about the failure of states to address the issue.
According to a study conducted by the Université libre de Bruxelles (ULB) in Belgium, for example, tax evasion could reach €20bn at least. So it would cost €150 per month … and every Belgian would be about €800 a month more for every pensioner. In France, fraud also translates into a big loss of earnings of €60bn to €80bn per year.
Read the complete article authored by Philippe Kotsaridis on the theeconomistslab.eu
Co-founded by singer Bono, the organisation mobilises support around issues of development and the fight against extreme poverty. It is estimated that the total cost of corrupt practices in developing nations is equal to an annual volume of $1,000bn or €750bn. In other words, it’s the heist of the century.
The fact that non-governmental organisations (NGOs) like ONE have embarked on the fight against these crimes says a lot about the failure of states to address the issue.
According to a study conducted by the Université libre de Bruxelles (ULB) in Belgium, for example, tax evasion could reach €20bn at least. So it would cost €150 per month … and every Belgian would be about €800 a month more for every pensioner. In France, fraud also translates into a big loss of earnings of €60bn to €80bn per year.
Read the complete article authored by Philippe Kotsaridis on the theeconomistslab.eu
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