Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, IFRS, Income Taxes, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized, Video Updates.

According to Nicholas Shaxson, the City of London is hiding the stolen money of the world.


  1. What is the name of the new data leak exposing financial dealings by more than 330 politicians and public officials from over 90 countries and territories?
  2. In your own words explain why the offshore financial ecosystem is so complicated.
  3. What is the estimated amount of wealth held in tax havens?
  4. Explain whether the “London Loophole” was closed by the U.S. or what efforts may now be working against it.


Shaxson, N. (2021). The City of London Is Hiding the World’s Stolen Money. The New York Times, October 11 (Retrievable online at