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You're reading: An offshore flood of untaxed wealth
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That’s one reason why government debts are ballooning, since much of this money remains hidden from tax collectors.

Yet in nations such as Ukraine, using offshore holdings is sometimes the only way to conduct business, with tax minimization serving as an added bonus.

The past several decades have seen an explosion of private banking and offshore havens, used to funnel both legal and ill-gotten gains from developing countries to secure locations in the most industrialized nations. 

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