In our guided tour of the financial district of Saint Helier, Jersey, we set out to make the link between secrecy jurisdictions and global crisis.
Selected global banks, including Barclays, BNP Paribas, Citi, Deutsche Bank, RBS International, Société Générale and UBS, were used as case studies to illustrate how deeply engaged banks are in promoting capital flight from poorer countries, in facilitating tax evasion, in supporting corrupt regimes, in financing ecologically harmful projects, and in undermining regulation.
We also showed how the secretive world of tax havens has acted as the crucible for much of the financial innovation of the past 20 years, including the growth of offshore hedge funds, the hosting of the shadow banking system, the creation of securitised debt obligations, the increased use of “off-balance sheet” accounting, and the spread of highly-leveraged private equity financing.
– Nessa Ní Chasaide, Co-ordinator, Debt and Development Coalition, Ireland
– Daniel Finn, Debt and Development Coalition, Ireland