The OECD released a report this morning calling for an overhaul of the rules of global finance. It says multinationals that move vast profits to offshore havens are harming the economies of the rich world because they do not pay their fair share of taxes.
John Christensen, a British economist at the Tax Justice Network welcomed the report when I reached him in London. He called the practice a "major threat to national tax sovereignty and democracy."
"The associated problem of profits shifting to tax havens has worsened in the past two decades and is seriously undermining public finances throughout the world. The OECD has an almost unprecedented opportunity to tackle these problems, but it must avoid quick-fix solutions."
Hamida Ghafour is a foreign affairs reporter at The Star. She has lived and worked in the Middle East and Asia for more than 10 years and is the author of a book on Afghanistan. Follow her on Twitter @HamidaGhafour