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Governments across Europe are planning to divert scarce development aid budgets to cover security and defense costs, anti-poverty campaigners understand.

Runaway inequality has created a world where 62 people own as much wealth as the poorest half of the world’s population combined, according to an Oxfam report published today ahead of the annual gathering of the world’s financial and political elites in Davos.

The European Commission has missed yet another chance to effectively end tax havens. Today’s tax transparency proposal is not sufficiently ambitious and too limited in its scope for that task.

The governments of rich states today cleared the way for the diversion of development aid away from the poorest.

The upcoming EU tax haven blacklist has to include at least 35 countries, including notorious tax havens such as Switzerland and Bermuda, in order to be effective, Oxfam finds in a new report published today. The analysis also shows that at least 4 EU countries would be blacklisted if the EU were to apply its own criteria to member states.

It is shameful to see European banks again involved in a major global money laundering scandal. 

Governments tried to further water down an already weak legislative proposal, Oxfam said in response to the EU finance ministers’ failure to agree on new measures against corporate tax dodging.

EU governments are unwilling to tackle large-scale tax avoidance of multinational companies, Oxfam says in reaction to a new directive formally approved today.

The criteria adopted by EU Finance Ministers for screening countries over tax abuse will be of little to no use in ending the era of tax havens. 

With the adoption of the TAXE report, the European Parliament voted in favor of specific recommendations aimed at stopping corporate tax avoidance across the European Union.