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Subhomoy Bhattacharjee: The legitimacy of capital flow

Two organisations tracking tax violations and money laundering worldwide identify totally different sets of countries for lack of financial transparency. How one reads the Panama Papers controversy de

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Panama Papers

Subhomoy Bhattacharjee 

Subhomoy Bhattacharjee

Tax havens sprang up in the aftermath of World War I, as the moneyed in Europe felt the need to spread their risks beyond Switzerland. Since they were the ones financing the war, protection of their wealth seemed a fair demand to make on the Eurocentric world economy.

Post World War II, as many Asian and African countries dropped a dragnet of capital controls around themselves, more havens emerged. The developments in either end of the wars were restrictions imposed on the flow of capital. In their business models the centres were not alone in being less than transparent in how they stashed ...

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First Published: Thu, April 28 2016. 21:47 IST
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