The elephant in the living room of the corruption debate is the role played by the global infrastructure of banks, legal and accounting businesses, tax havens and related financial intermediaries in providing an offshore interface between the illicit and the licit economies. This interface facilitates capital flight and tax evasion, distorts global markets to the disadvantage of innovation and entrepreneurship, slows economic growth by rewarding freeriding and mis-directing investment, and increases global inequality. The offshore interface functions through collusion between private sector financial intermediaries and the governments of states which host offshore tax haven activities.
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