Global trade will die without offshores - economist
2012-08-06 10:59:33
The world trade cannot exist without offshore zones, Ukrainian Analytical Center President Oleksandr Okhrymenko says.
He expressed this opinion on Era FM, the portal banki.ua reported.
"Offshore companies should be used for the world trade to work. Without offshore territories, global trade will cease to exist on the very next day. And no debts will help," the expert said.
Okhrymenko also noted that Ukrainian money is not lost in the Cyprus offshore zone: "This money was just taken offshore first, and now it is invested in Ukraine. So at the moment the money just goes around the circle: to Cyprus and then back to Ukraine."
At the same time, as economist Viktor Lysytsky added, statements that global assets worth at least 21 trillion dollars are stored in offshore zones are exaggerated.
"The U.S. Federal Reserve controls the movement of the dollars. I am absolutely sure that they, if not every second then every day know how many dollars flowed from one country to another and vice versa. Do you think they would take no care that 25 trillion dollars are hanging out somewhere?" he said.
NGO Tax Justice Network released a study The Price of Offshore Revisited, according to which world assets of not less than 21 trillion dollars are stored in the offshore territory. According to the NGO, 167 billion dollars have been removed from Ukraine over 21 years of independence.