Photo: matze_ott via flickr
AP Singh is tired of people calling India corrupt and holding up tax havens as models of transparency.Singh, the director of India’s Central Bureau of Investigation, gave a speech yesterday trashing the corruption ranking by Transparency International:
“50-three per cent of the countries said to be least corrupt by the Transparency International Index are offshore tax havens, where most of the corrupt money goes. The tax havens include New Zealand which is ranked as the least corrupt country, Singapore ranked number five and Switzerland ranked number [nine].
“There is a lack of political will in the leading tax haven States to part with information required to trace such assets as they are all too aware of the extent to which their own economies have become geared to this flow of illegal capital from the poorer countries. India in particular has suffered from the flow of illegal funds to tax havens such as Mauritius, Switzerland, Lichtenstein, British Virgin Islands, etc.”
Singh’s point comes down to whether you look at where illicit funds come from or where they go.
beyondbric’s Neil Munshi’s offers a counterargument, however, noting that India has declined to participate with Switzerland to track down illicit funds.
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