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Stolen Assets and Tax Evasion

STOLEN ASSETS

In Teodorín Obiang’s previous role as the minister for agriculture and forestry in Equatorial Guinea, he was earning a salary of around £2700 a month. Nevertheless, between 2004 and 2011, his total expenditure was US $314m, over 4000 times his official salary.

Sources: Guardian, ‘France impounds African autocrats’ ‘ill-gotten gains’ (06/02/2012) and Independent, ‘Teodoro Nguema Obiang: Coming To America (to launder his millions?)‘ (16/06/12)

The wealth accumulated by Libya, Egypt and Tunisia’s leaders stands at an estimated US $190 billion.

Source: TI paper based on news reports (2011)

General Sani Abacha of Nigeria is suspected to have looted between US $3 billion to $5 billion of public money.

Source: Basel Institute of Governance/ICAR, “Managing Proceeds of Asset Recovery: The Case of Nigeria Peru, The Philippines and Kazakhstan” (2009), pg. 7

Ferdinand Marcos of the Philippines siphoned off between US $5 to $10 billion during his reign in the Philippines from 1965 to 1986.

Source: Basel Institute of Governance/ICAR, “Managing Proceeds of Asset Recovery: The Case of Nigeria Peru, The Philippines and Kazakhstan” (2009), pg. 12

The level of assets stolen by corrupt leaders and moved to offshore accounts is estimated at US $180 billion. Only US $5 billion has ever been returned.

Source: CCFD, Comité Catholique contre la Faim et pour le Développement (2007) pg. 1

TAX EVASION

The Virgin Islands has over 40 companies registered for every citizen.

Source: NORAD, ‘Commission on Capital Flight From Developing Countries: Tax Havens and Development’ (2009) pg. 9

The world’s shadow economy, or the legal economic activities that go untaxed, now accounts for 16% of the world economy.

Source: University of Linz, ‘Shadow Economies around the World: Novel Insights Accepted Knowledge and New Estimates’ (2011), pg. 7

Greece loses €15 billion a year to tax evasion and has a shadow economy twice the size of its budget deficit. Tax evasion has cost the USA US $3 trillion over the last decade.

Sources: Economist, ‘Dues and Dont’s’ (12/08/10) and Demos website ‘Tax Evasion: The Real Costs’

Assets placed by wealthy private individuals in tax havens represent an estimated annual loss of roughly US $255 billion in tax revenues.

Source: Tax Justice Network, ‘Briefing Paper: The Price of Offshore’ (2005) pg. 1

Angola, Africa’s second-largest oil producer, lost almost $6 billion to capital flight in 2009.

Source: Reuters, ‘Zambia loses almost $ 9bn in capital flight in past decade – U.S. watchdog’ (17/12/12)

Almost $9 billion was illicitly siphoned out of Zambia, Africa’s top copper producer between 2001 and 2010. The amount is almost half the size of Zambia’s current gross domestic product.

Source: Reuters, ‘Zambia loses almost $ 9bn in capital flight in past decade – U.S. watchdog’, (17/12/12)


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