“Dismantle the Global System that Lets the Rich Hide their Wealth” Writes Daniel Calingaert for The Hill

In an op-ed for The Hill, Daniel Calingaert, OSUN Managing Director, calls to entirely dismantle “a global system of financial secrecy, estimated to hold over $50 trillion across more than 70 jurisdictions in millions of hidden accounts, secret trusts, and anonymous corporations.” “Designed to hide money, including dirty money, and to dodge taxes,” the system hinders economic development and threatens democracy. He argues that today’s leaders and policymakers should take it down and “end corporate anonymity, eliminate secret financial instruments, make enablers liable for complicity in corruption, and insulate our financial system from secrecy jurisdictions.”

Calingaert’s recently published policy proposal details the vast scale of global financial secrecy systems and the massive harm they cause, and lays out why comprehensive reform is imperative.

OSUN is concerned with issues of democratizing finance and supports the Economic Democracy Initiative (EDI ), which focuses on public finance for the public purpose and examines the connections between inequality, unemployment, poverty, and public policy.

Read more in The Hill

Post Date: 07-03-2024