 Thank you, and I was at this very interesting session this morning where you tied the political economy and basically learned how tax evasion like is one of the main drivers or illicit finance or lacking transparency is one of the big problems in in development going forward and We have now learned a lot about Serious the amazing increase in automatic exchange agreements that I wouldn't have Deared believing would happen when I started working on this like 10 15 years ago Impressive numbers of data going back and forth. There is some issues about these data not being available for analysis or checking for outsiders I want to take you up on that now and so let's do it later And we have seen how this has also affected compliance in South Africa and Argentina and a very like and how this can be a new measure for tax enforcement. So it's all very and Encouraging and positive So let me give you some cold water in the head and go to the one of the Challenges because as we all know if you try to close one door shut one door There will always be somebody opening another and one major issue with the CRS automatic exchange Is that it only covers financial assets and there is indication from like around the world growing indication that that evaders are moving assets into other types of Classes as classes that aren't included There is growing evidence now from London for instance several studies including Jacob and Niels showing extensive for ownership and also by Bumar and Harry showing that what appears to be foreign hours are exact are actually UK citizens Owning through like like a secrecy jurisdictions are sure of sure. So it's not just owners of foreigners But could also be citizens hiding national assets for the tax authorities So but the main problem here is data like how do we get at? Estimating the extent of this in real assets like how much is like flowing into the real assets and how much is for known and Then we are had I'm going to show you evidence from a very unique Collaboration with journalists and NGOs and tax administrations and Researchers we have the opportunity to do analysis and merge data and do things that the tax authorities nationally alone cannot do and We had this is joined with Brewer penteros Carlos ockman Andreas ocklan who's there. So if you have any technical very difficult questions ask him and not me, please This was we worked very long on this it was For the first time you got a peek into the offshore world of real estate So we got access to all owners like of more than 800,000 properties in Dubai, which is a major Offshore jurisdiction. It's very easily regulated. It's relatively easy foreigners to buy properties Dubai is part of the CRS. So by that definition not a tax saving but property registers are not public. So and there's also Yeah So this was data that was leaked to and it's very important to say we had nothing to do with the leak And we use data after the leak was done to US think-thanks see for ads Who then collaborated with researchers at the first center for tax research and EU tax observatory and Journalists in 25 newsrooms around the world. There was coordinated analysis and and there was a coordinated launch and may in 2022 so it was very Interesting experience to be part of So The data is was handed over to a see for ads who shared it with the researchers and and And journalists we did researchers are very important to say we did not work on names What we did was analyze trends and patterns overall and then journalists went into the single cases Which we did not have anything to do it We made these overall estimates that the numbers to put it on and headlines give give like a background analysis for journalists to to put into their stories and then going into debt and As researchers we did the evaluation of of the value of the properties because it's very detailed information on property characteristics and we could merge that with Public information on public property transactions by region in Dubai. So we could use that information. There was no names there is How can we trust I could get like leak data like how we can say give me some leak We can't show you the data, but you have to take over for it. That is proper, right? So we have like we have very good faith that this is these are accurate and good data So for instance for see for ads has been worked on analyzing Dubai property market for several years and in case studies This is all and collaborated data Investigated journalists in this network, but also by by New York Times and other big newsroom have used these Data for like on sing single cases and what the journalists say is that when they confront Interview objects and saying okay, you haven't a property here. Why do you have that like this is the value of it? The the the ownership or the value is usually not it's not questioned So it's that we take that like all these anecdotes as the case of that This is also accuracy and we have also compared the information By public property numbers and structures in Dubai So let me give you do that big question who owns date like properties in Dubai then like where is it distributed? So when we did this there was a lot of nationality information But like of course, it's not like it's not properly so you have to do all of imputation I won't go into that here. You can see it in the paper But what we see is that owners that the morning conclusion is that owners Foreign owners don't seem to be residents. So if we look at here, we have the share of owners in Dubai of properties at the x-axis and then we see Like how it corresponds to the share of migrants living in Dubai at the y-axis and we see that there is Many of the richer countries like that there there's a much larger share of owners than there is like residents One one outlier here Which doesn't fit in the graph is India because they have a lot of like 50 or 1% of the immigrants like my guest laborers And they have 12% of the foreign owners. So there's a big rental mark in Dubai So it's easy to to rent it out so many can also use it as an investment So if you want to hide assets, you don't want to have it there You can also rent it out and make money from it and no questions asked We find that offshore real estate in Dubai is large is 27% of the total value of Real estate in Dubai and this is even an underestimate vision because we find that There's a lot of corporate ownership, which is kind of can hide as we read as you a and there's also if you see this this light blue one and Properties we could not identify the owners of and these values is also what the journalists say This is from 2020 These values have increased over time. So when the jail is now used today that I basically inflate the numbers because I see that There's an increase in the values over time What we see at the contradiction this is the like the basically that the numbers Billions of dollars owned by properties owned by different country Citizens in Dubai and there's a caveat. We don't know if people are tax residents in these countries We know that national so of course, there's a caveat there So India is basically the biggest number there's also say there's a gal over guests guest workers here in UK and and we see here there's like a lot of like closeness and in geographical proximity and Historical ties with UK as big historical ties with Dubai for instance and I also say that guess we saw in Argentina that It seems like to be a regional effect like the Argentinians use US and Tax savings or like countries close to them and that's what we see also here This is illustrating the the the gravity effect. So paper basically you invest close to home That's what we have been seeing and paper with Nielsen Gabriel earlier on financial assets in Switzerland Is basically you go to a tax haven that's easier and closer to home So that's kind of a gravity effect in hidden wealth that we can see all over like different sources on different assets Yeah, so the darker blue. So this is basically illustrates that the Investments in Dubai as a percentage of them like different countries GDP and the bark of blue the more like more concentrated investments There is so that's kind of our just an illustration. You have it online as well If we take let's take this taxi, okay How how does it fear like how big our investments relative to? To how rich a country is so like take the the Dubai properties and and take it divided by a GDP and then we see Top countries are like Jordan, Afghanistan, Syria Palestine so in Yemen So we see the highest Concentration or ownership like relative to how rich the country is is in Altocratic and neighboring countries and it is important to take into account It's not just taxes that make you invest in tax havens as we've been talking about like you have all kind of Corruption and money laundering and all the kind elicit finance things But there are also very legit Like reasons for for wanting to invest abroad like you see in Lebanon when the bank system crashing people lost all their money Right. So you like if there is social unrest and inflation you want to secure your money. Thank you Yeah, but but that we want to see also that what we do is then see can can we get a bit closer to like Where are the top like the plutocrats? So like how is the concentration and buy and we look at when we zoom in on the richer areas the country distribution changes of it So the the rich areas properties we see the most notably is like the blue one is like how The top countries like just in the amounts and all of Dubai and the red bars are those in the rich countries And we see that notably that the Indians are less important indicating that these are like people working there like less expensive areas and Notably Russia is Increasing and this is just a road mode that this is before the invasion of Ukraine where all these sanctions Took in place. Yeah Are these assets hidden like are they reported at home like we have discussed this earlier today also like what do what do the What do they disclose at home? We saw in South Africa. There's a very Low disclosure area. How do we get that at all? Well, then thank god for that for the wealth tax Like in Norway, there's a very controversial tax But that gives us people have to report their assets the wealth by class And ownership by if you have real estate by country And we also have really good wealth data so you can actually rank people by their wealth And like we don't have to go to income but by their wealth and seeing that we see we're just rank people by wealth and seeing Okay, there's a higher propensity to own offshore like properties in Dubai in in As the wealth increases and these are like all owners When we look at is it reported 70 percent of the properties were unreported and 75 percent of the values were unreported Like as with estimates. This is also likely an overestimate of the reporting because of some technicalities Key takeaways offshore real estate is large Our results indicate a major shortcoming of the CRS CRS needs to be extended to real estate so you can't have a safe haven to hide But very importantly it isn't enough to know where assets are held. You also need to get Get that asset so that tax revenue Which is like what the developing countries are stating or like with the CRS and everything Well, it doesn't help us to know that like people have hidden assets in a bank somewhere We need to get the revenue back and that's needs to be the next step Information is super important But you also need to have get money get back revenue mobilization Which is the next step but to get that we need information as we talked about earlier today Gerard from ICRJ says like change can happen But it has to be driven from below because the the citizens have to demand change And what the first step is to know about that things are unjust and what we learned is through this Dubai and and and working with the journalist is that it gets headlines if you ask number and that this is Like transparent number you get real headlines and you give the like journalist in countries Ability to make the governments accountable because if you have numbers to start and where you can start looking And this and this was one of the main motivations for our big new collaboration with norad Because we do all this research. We have all these papers We have these different papers and different numbers We researchers may know how to look for the numbers in some appendices or somewhere But how can you make these numbers accessible in a transparent and credible and good and coherent way over time To ngo civil society policy makers tax administrations like how can south africa have an idea of how much Real estate is hidden around the world. So that's basically the main one of the main One of the main two main purposes of this big project We have with norad making the numbers accessible to facilitate change And the next step is in global estimates. So we have a big launch now on october 23 in paris and 25 is star wanga. We are launching a big international at the atlas of the offshore world We're going to have transparent estimates and by country by country not only like the rich countries But like all countries there are like any available data for and it's particular emphasis on data for for developing countries for data series So which are like we are computing them and updating and making transparent We even have a hotline with a video talking go and chat to get help to use them to get information We have in from math infographics. It's got to be super cool and super helpful. Hope And then it's going to feed before data series effective tax rates on capital and labor income over time country by country global profit shifting by By multinationals the country by country and over time updated all the time And and series on country by country by an offshore financial wealth and offshore real estate wealth So stay tuned and thank you