The Tax Justice Network singled out lax trust laws as a major drawback to financial transparency reforms in its biennial report, calling on G-7 nations to commit to creating a global asset register.
The new analysis is based on corporation data first released in 2020 as part of an OECD-coordinated effort to tackle tax avoidance worldwide.
Tax Justice Network ranks OECD members and British overseas territories highest in its 2021 corporate tax haven index, advocating for the UN to set standards instead.
The British dependency is still facilitating the super-rich owners of private jets to fly below European taxes almost three years after Paradise Papers first revealed the practice.
One of the world’s most important tax havens said it will slowly move towards revealing the individuals behind tens of thousands of offshore companies.
Canadian Liberal Party fundraiser Stephen Bronfman’s connection to companies that were owed millions by an offshore trust lasted into the mid-2000s, despite his claim it ended years earlier.
Revelations by media partners as part of the Paradise Papers have exposed the offshore dealings of some of Africa’s most powerful politicians and most profitable companies.
More than 100 educational institutions appear in the Paradise Papers, linked to blocker funds and other offshore investments.