Looking for a specific product?

Make a search for products & suppliers, articles & news.

Chasing hidden cash flows

In global trade, cash flows are hidden to ensure maximum profits. Many developing countries end up as losers in the fight over revenues.

(Photo: The British Virgin Islands are a paradise in two senses: a Caribbean gem with a population of 27,000 and a tax haven for one million international companies. (Photo: Shutterstock))

 

When capital moves across national borders, it also crosses a legal and regulatory no-man’s land. Different countries have different tax rules and only exchange information to a limited extent. Global companies with operations in many countries take advantage of this situation. With the help of tax havens and powerful international banks and law firms, revenues disappear as if by magic. Capital is redirected in order to minimise taxes and optimise the companies’ profits and competitiveness. 


‘Such cash flows are often called global wealth chains,’ says Leonard Seabrooke, Professor of International Political Economy at Copenhagen Business School in Denmark. He is project manager for a group of 14 researchers from a number of countries. They're currently mapping how capital moves across national borders in international trade. The research project has been given the name STEAL (Systems of Tax Evasion and Laundering: Locating Global Wealth Chains in the International Political Economy).

How global wealth chains arise and function are key issues in STEAL, which is being conducted by the Norwegian Institute of International Affairs (NUPI). The Research Council of Norway has allocated NOK 6.4 million to the project over four years. Project manager Seabrooke says there is a great need for more knowledge about how capital moves across national borders in today’s globalised economy.

To read the full press release from the Norwegian Research Council, please click here.

 

 

 

 

Related news

Latest news

Eimskip strengthens its worldwide forwarding services by acquiring the logistics company SHIP-LOG A/S in Denmark

Eimskip has strengthened its position in worldwide logistics services by acquiring 75% of the freight forwarding company SHIP-LOG. 

For Sale Assets from the former BMV LAKSEVÄG YARD in Bergen, Norway!

For Sale Assets from the former BMV LAKSEVÄG YARD in Bergen, Norway! The entire shipbuilding and fabricating facility is closing and more than 500 lots is on sale.

Servogear CPP for Seasight II - Future of the Fjords

We are proud to announce that Servogear has been chosen for the delivery of Servogear...

TechnipFMC Signs Agreement with Pall to Supply Slurry Oil Filtration Systems for Fluid Catalytic Cracking Units

The associated activities will be managed by TechnipFMC Process Technology’s center in Houston,

10 Million kroner for verification funding

The Norwegian Research Council has granted 10 million...

Hilti acquires Oglaend System Group

Oglaend System’s headquarters will remain in Klepp, 

DOF Subsea AS ("DOF Subsea" or the "Company") today announces its intention to launch an initial public offering (the "IPO") of its ordinary shares and to apply for a listing on Oslo Børs

NOT FOR DISTRIBUTION OR RELEASE,

DOF Subsea North America extends charter for Jones Act Compliant vessel Harvey Deep Sea

The Harvey Deep Sea Vessel is a Multi-Purpose DPII Construction,

Untrue rumours about an on-going incident at the Halden Research Reactor in Norway

The Norwegian Radiation Protection Authority has become aware that stories about an ongoing incident involving a “meltdown” at the Norwegian Institute for Energy Technology (IFE) reactor situated in Halden are currently ci...