“oday, the developing world is estimated to lose $1.25trillion per year in illicit wealth transfers to tax havens in this way, around ten times the rich world’s aid budget. As Shaxson puts it, “For every dollar that we have been generously handing out across the top of the table, we in the West have been taking back some $10 of illicit money under the table.” Eva Joly, a magistrate, involved in investigating the criminal use of tax havens, commented (this quote comes from the book above) that “It has taken me a long time to understand that the expansion in the use of these jurisdictions has a link to decolonization. It is a modern form of colonialism.”
Gibraltar is a major part of this criminal network. John Christenson, former Economic Advisor to Jersey, itself a major UK-run tax haven, noted that “the instruction from senior partners in London was to direct the really, really dodgy business away from Jersey to Gibraltar…[we] regarded Gibraltar as totally subprime. This was where you put the real monkey business.””
British sovereignty over Gibraltar stems from the same treaty that gave Britain a monopoly on the slave trade and granted Brazil to Portugal. It, like all these abominations, belongs in the dustbin of history.
The British ruling class was frothing with belligerent outrage last week following EU President Donald Tusk’s comments on Gibraltar in his letter to Theresa May.
Responding to the British Prime Minister’s letter formally requesting to leave the EU, Tusk noted that any agreement between the UK and the EU would not apply to Gibraltar without Spanish consent.
The statement was hardly controversial in itself, given that all member states already have a veto over any agreement, such is the nature of the decision-making in the EU. As Stephen Bush commented in the New Statesman, by giving Spain a veto over the terms of a future trade deal, Tusk was giving it “a right which it…
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