Africa at large: The scam of offshore looting

An international coalition of researchers and campaigners against tax evasion in poor countries who gathered recently in Bamako, Mali have pressed the panic button over the extent to which multinational corporations and wealthy individuals are evading tax in the name of offshore business. Tax Justice Network (TJN), an international NGO working for social justice in poor countries estimates through its own research that a staggering $11.5 trillion has been siphoned 'offshore' by wealthy individuals, held in tax havens, where they are shielded from contributing to government revenues.