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Stiglitz commission calls for an end to ‘onshore’
July 2nd, 2009
A group of experts chaired by Nobel laureate Prof. Joseph Stiglitz has called for an end to offshore and onshore financial centres. The draft report of the UN commission on the reform of the international monetary and financial system, presents a range of proposals for the reform of the global financial architecture following the global financial crisis. Most notably, the report highlights how onshore and offshore tax havens have contributed to the so called, 'shadow banking system' and the problem of illicit capital flight, arguing that 'well regulated economies have to be protected from those that are under- or...
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