Western money laundering is the reason why economic growth came to a grinding halt in developing Middle Eastern and African countries, according to a report by eurodad.org.
The report states that through its tacit approval of industrial-scale tax evasion and profit withdrawal, the decadent liberal elite has sanctified theft.
The study shows that the syphoning off of taxable profits has caused losses of about one trillion euros in Europe and 660-870 billion euros in developing countries.
As a result of the money laundering, the taxes after these profits are not reaped by developing countries but by states tax havens such as Luxemburg, the Netherlands or the U.K. What’s more, developed Western countries are doing nothing to regulate companies who syphon off profits several times larger than their charitable contributions.
This is a stark misuse perpetrated by the ruling elite, major capital and the background powers, the report states. The fact that Brussels keeps postponing a crackdown on these tax havens is both flagrant and unacceptable.
The report states that the explanation for their cynicism and hypocrisy is that some Western European member states stand to profit from the existence of these tax havens. In a farcical turn, the criteria for tax havens have been massaged to such extent that finally none of the EU states made it to the list (with the exception of British overseas territories). Only three small and largely inconsequential mini-states – Guernsey, Andorra and Monaco – feature in the list.
The domestic bank of the EU, the European Investment Bank is part of this practice. A study of the Counterbalance Foundation shows in a five-year period, 5.66 billion euros of the EIB’s lending went through British, Dutch and French banks using tax havens.
The report concludes that it is simply outrageous that while Brussels takes Hungary to task regarding the rule of law and solidarity, it is instrumental in robbing African countries through helping the banks and corporations of some member states to use tax havens.
