Corruption and tax evasion are costing industry and countries a fortune, activists said ahead of the G20 summit in Brisbane.
– Developing countries lose $1trn a year to tax evasion, embezzlement and money laundering.- Corruption wipes an estimated 5% off the world’s economic production.- By turnover, corruption would be the world’s third-largest industry.- Twenty to twenty-five percent of public money put into tendered projects is lost to corruption.- The majority of dummy front companies are registered in G20 countries.- Around $20trn are held in bank accounts in tax havens, including $3.2trn from developing countries.- Increased transparency could pull back up to $13trn into the world economy by 2019, which would alone achieve the G20’s growth target.
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