To combat the global problems of tax evasion, corruption and money laundering, it is vital to understand the essential role tax havens play as providers of secrecy. This requires knowledge about the role played by banks, the Big Four and wealth managers as facilitators in the financial secrecy industry. The facilitators are the ones who enable financial crime, making it easy and low risk to hide the proceeds of tax evasion, corruption and money laundering. Better international regulations of these facilitators are required, combined with harsh penalties for breaking the rules.

Odd-Helge Fjeldstad

Research Professor, Coordinator: Tax and Public Finance