AUSTRAC on Tue 3.6.2014, released analysis of funds flows between Australia and 13 tax secrecy jurisdictions. According to AUSTRAC, one of the effectiveness measures for Project Wickenby is decreased funds flows to, and increased funds flows from, the 13 tax secrecy jurisdictions of interest to the task force. Key findings reported by AUSTRAC are as follows:
- The net value of funds flowing into Australia from tax secrecy jurisdictions was id=”mce_marker”3bn – incoming transfers were worth $60bn, while outgoing transfers were worth $47bn.
- There is far less money flowing to tax secrecy havens than 5 years ago, with a decrease of 13% in the value of outwards funds flows from Australia to tax secrecy jurisdictions in 2012-13 compared to 2007-08.
The value of outwards funds flows to 6 of the 13 tax secrecy jurisdictions decreased by more than 30% eg Liechtenstein (55% decrease), Vanuatu (51%) and Jersey (30%).
Source: Minister for Justice media release, 3 June 2014
[LTN 105, 3/6/14]