Islamabad: Volume of plundered money stashed in off shore accounts has swelled to over 32000 billion dollars.
Experts said that Panama leaks is tale of a company of a small country. 140 companies were affiliated with it. Hundreds of companies like Panama leaks are operating in over 60 countries including Switzerland, West Indies and Caribbean’s islands.
Tax Justice Network report has disclosed that the volume of plundered money which has been siphoned off to offshore accounts surpasses 32000 billion dollars. This amount is far above the overall GDP of US and Japan.
According to this report capitalists and multinational companies evade tax amounting to over 31000 billion dollars every year.
According to Global Financial Integrity one thousand billion dollars are plundered from poor countries and stashed in off shore bank accounts every year. This is such colossal amount that 1/10th of this amount can cater to the needs of the people all over the world.
Upto 2010 the money looted and siphoned off to off shore bank accounts by the elite class and rulers of poor countries had reached the mark of 93000 billion dollars which has increased two folds by 2016.
Massive corruption is committed in rich countries in civilized manner. The arms manufacturing companies and pharmaceutical companies set aside a size able amount for bribery and kickbacks.