A Eurodad report Is the International Finance Corporation supporting tax evading companies? released in December 2009 accuses the IFC, the Bank’s private sector lending arm of providing financial support to companies and banks that use tax havens. According to the report, each year developing countries are estimated to lose $1 trillion through illicit flows, 65 per cent of which originates from tax evasion and avoidance schemes driven by commercial actors that operate through tax havens or secrecy jurisdictions. The report finds that the IFC has not yet taken leadership to address civil society concerns about specific IFC-backed operations involving private actors that use secrecy laws and tax havens.
8 December 2009
Review maintains inadequate and inconsistent approach to economic and gender inequality, as well as climate change.
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The Bretton Woods Project is a UK-based NGO that challenges the World Bank and IMF and promotes alternative approaches. We serve as an information provider, watchdog, networker and advocate. Our flagship publications are the Bretton Woods Observer, a quarterly critical review of developments at the World Bank and IMF, the Dispatch, a biannual analysis of the World Bank and IMF Spring and Annual Meetings, and the NewsLens, a bi-weekly roundup of key news and critical viewpoints published about the World Bank and IMF.
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