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Ecuador President Calls for Elimination of Tax Havens

© Sputnik / Mikhail Fomichev / Go to the mediabankEcuador President Rafael Correa
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According to media reports, Ecuadorian President has proposed that the international community totally eliminate all offshore tax havens.

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MEXICO CITY (Sputnik) Ecuadorian President Rafael Correa has proposed that the international community totally eliminate all offshore tax havens.

"There is [the need for] a profound decision. If humankind has any decency, if there are any ethics to capitalist globalization, we have to adopt an international law banning tax havens," Correa said in a statement quoted by Venezuelan newspaper El Universal.

According to the Ecuadorian president, companies that use offshore schemes do so because they want to hide their operations.

"Do not be fooled, it is hard to understand why humankind in the XXI century tolerates offshore schemes, the purpose of which is well-known — it's capital without a face, without responsibility, without taxes, for the laundering of assets," Correa said.

The statement comes in the light of the so-called Panama papers revelations. In April, the German newspaper Suddeutsche Zeitung published materials it claimed came from Panama-based law firm Mossack Fonseca. The leak appeared to expose the involvement of a number of world leaders and other officials in tax evasion schemes.

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