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US$21 trillion of high net-worth wealth hidden in secret tax havens

A recent study by Tax Justice Network (TJN), an organisation that shares concerns regarding tax practices and misconduct, revealed that wealthy individuals around the world held at least US$21 trillion and up to US$32 trillion of unreported financial assets in tax havens as of 2010-end. The report, titled “The Price of Offshore Revisited”, attributes the offshore wealth to less than…

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