News Americas, NEW YORK, NY, Tues. July 24, 2012: A new report claims islands like Bermuda, the Cayman Islands, Nauru, St. Kitts, Antigua and Tortola are home to over 3.5 million paper companies, thousands of shell banks and insurance companies, a new report said.

“The Price of Offshore Revisited,” released in New York by the economic transparency group, Tax Justice Network, says that more than half of the world’s registered commercial ships above 100 tons, and tens of thousands of shell subsidiaries for the world’s largest banks.

The report added that the wealthiest people in the world have exploited loopholes in international tax rules, and are sheltering US$21 trillion or more in offshore accounts in the Caribbean and other places.

The report said that about US$10 trillion stashed away in offshore accounts is owned by only 92,000 people, or 0.001 per cent of the world’s population.

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