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Colombians have $50 billion in tax havens

Monday, October 27, 2014

Colombia’s Finance Minister said that Colombians are hiding $50 billion abroad in an attempt to avoid paying taxes over their assets.

Mauricio Cardenas added that no penalties for Colombia tax evaders had been finalized, but that they were on the agenda.

Cardenas suggested that about $50 billion are hidden by Colombians in foreign banks, money which he states should be used to help the poor in Colombia, and fund the post-conflict process in the aftermath of the Cuba peace talks.

Source: Colombia Reports