July 7 2016
The Asian Development Bank has updated its anti-corruption policy to help member countries address the methods of tax secrecy and evasion unearthed in leaks like the Panama Papers. In a statement released today, the bank highlighted that Asian nations accounted for over 60% of the estimated $5.6tn that developing countries are thought to have lost to illicit tax flows between 2001-10. It confirmed that it was committed to helping its members adopt best practice in light of recent global developments.
Clare Wee, head of the office of anti-corruption and integrity at the ADB, said that tax evasion, including the misuse of offshore structures to conceal wealth, deprives countries of badly needed income. It also provides a vehicle for other illicit activities like money laundering and terrorism financing, she said.