Thread by @docrussjackson

In an open letter, renowned economists at the @icrict urge #G20 countries to collectively tackle tax havens:

"Since the beginning of the pandemic, the world’s 10 richest men have doubled their fortunes, while a new billionaire has emerged every 26 hours."
icrict.com/press-release/…

"It is often impossible to know where much of this wealth is, as it is often hidden through elaborate structures either to avoid paying taxes or to hide money generated by corruption and illegal activities. The case of the Russian oligarchs speaks for itself."

"According to some estimates, they hold at least $1 TRILIION in wealth abroad, often concealed in offshore companies whose true ownership is hard to determine. On this wall of opacity, the efforts of the countries that want to sanction these are now stumbling."

"Tax havens hinder the ability of governments to impose sanctions, & this inability hinders the international rule of law which enables countries to coexist. Everywhere, populations are exhausted after two years of the pandemic & its dramatic economic and social consequences."

"Although there has been some progress in recent years... there is much more to do to fix the broken international financial system that presently is skewed in favour of wealthy tax abusers—& others who want to hide their ill-begotten gains."

"There is a long way to go to achieve even the modicum of transparency that would be required to discourage tax avoidance and evasion and illicit activities by the ultra-wealthy, including, but not limited to the oligarchs. "

"We now have a unique opportunity to make progress on the implementation of a global asset registry to link all types of assets, companies & other legal structures not to the legal owner, which is often only a facade, but to the beneficial owner, the person who really owns them."

"Despite the scale of hidden wealth, the existing data-collection infrastructure includes potentially powerful tools for transparency.

It is technically possible.

What is missing is the political will to tackle tax & secrecy havens once and for all, both onshore & offshore."

"The idea is simple, it requires creating a network interconnecting all national asset registries of all the different forms of wealth that an individual can own where they already exist while encouraging all countries that have not yet created comprehensive registries to do so."

"In addition to real estate, bank accounts, safe deposit boxes, trusts, & other types of legal arrangements, it could include financial securities, crypto assets, artworks, yachts, planes, other luxury items, & even intangible assets such as intellectual property & trademarks."

"Information that can be collected first at a national level, then regional, then global. Coordination planning at the European Union level could pave the way through the creation of a European Asset Registry as suggested by the EU Tax Observatory and the World Inequality Lab."

"Such a global asset registry is critical in breaking the wall of opacity that impedes the enforcement not just of tax laws, but also those attempting to circumscribe a range of illicit activities. But it would do more."

"A centralized global resource detailing who owns what, & where they own it, a Global Asset Registry would provide a means to record, measure, & understand the distribution of global wealth & thereby empower Govts & citizens with a detailed understanding of global inequality."

"We, therefore, call on G-20 leaders, and interested partners, to convene an urgent international summit to address offshore wealth, the toxic role of tax and secrecy havens, and develop and deploy a fast plan to implement a Global Asset Registry."

"No more excuses, no more pandemics, no more wars to justify lack of action. To preserve democracy, end spiraling inequality, & rebuild the social contract."

All 14 Commissioners of the Independent Commission for the Reform of International Corporate Taxation, @icrict 19/04/22.