Banks deny helping world’s super-rich spirit away $21tn

Eight international banks have either refused or failed to respond to a report which alleges they have helped the super-rich avoid tax and lead an exodus of valuable capital from developing countries.

The banks were among 16 that the Business & Human Rights Resource Centre approached for comments in response to a Tax Justice Network report, The Price of Offshore Revisited, that alleged they had helped the super-rich hide $21tn in secret havens.

The banks which responded were   ABN Amro response, Barclays, BNP Paribas, Crédit Agricole, Credit Suisse, Goldman Sachs, HSBC and UBS. Those which refused were Citigroup, JPMorganChase and Lombard Odier. And those that failed to respond were Bank America, Deutsche Bank, Julius Baer, Pictet & Cie and Société Générale.

All of the banks that responded affirmed their adherence to tax laws  but Goldman Sachs went further, saying: “It is simply wrong to suggest our management of assets is inappropriate in any way just because some of those assets are managed overseas.”