Financial Transparency Coalition

Thanks to ActionAid’s report Addicted to Tax Havens, we know that 98 of the top 100 companies on the FTSE have money parked away in offshore tax havens, in 9892 separate offshore subsidiaries. 1649 of those belong to just four banks.

The UK’s Channel 4 News decided to go to the Channel Island of Jersey, where over 600 of these subsidiaries are registered, to investigate the problem further. Its a great summary of the issues facing the United Kingdom, and how companies use jurisdictions like Jersey to brazenly avoid taxation.