Are Global Super-Rich Playing a 'Black' Game?

Response from OECD

Meanwhile it is reported that the global campaign to tax the money hidden in off shore tax havens is making progress. Leaders of theG20 group of leading Western and developing nations launched the campaign in 2009, aiming to claw back billions in lost tax revenue at a time when many governments were trying to cut huge budget deficits.

Pascal Saint-Amans, the director at the OECD’s Centre for Tax Policy and Administration, said that before the G20's initiative at its 2009 London summit, people could hide their wealth in offshore havens without any risk of legal reprisals.  But now people are at risk to deal with their black money. Because, if the money is transferred; there are more transparent rules that have made the taxman to find it out.

Saint-Amans suggested that most of the TJN findings are overstated. He found that the figures appeared in TJN estimates, if found exact, would almost dwarf the fortune of Microsoft co-founder Bill Gates. Forbes Magazine has ranked him second on its global rich list with total wealth of a mere $61 billion in March 2012.