[Reposted] The Observer: "£13-trillion ($21-trillion) hidden from taxman in tax havens" (By the way, Hammerson is involved with a tax haven in developing Brent Cross Cricklewood!)

Link to The Observer

"A global super-rich elite has exploited gaps in cross-border tax rules to hide an extraordinary £13-trillion ($21-trillion) of wealth offshore – as much as the American and Japanese GDPs put together – according to research commissioned by the campaign group Tax Justice Network.

James Henry, former chief economist at consultancy McKinsey and an expert on tax havens, has compiled the most detailed estimates yet of the size of the offshore economy in a new report, The Price of Offshore Revisited, released exclusively to The Observer.

"He shows that at least £13-trillion – perhaps up to £20-trillion – has leaked out of scores of countries into secretive jurisdictions such as Switzerland and the Cayman Islands, with the help of private banks, which vie to attract the assets of so-called high-net-worth individuals."

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Link to

"Hammerson and Kleinwort Benson (Tax Havens-R-Us)"