Recent international cooperation on automatic exchange of bank information has made it significantly easier to identify and tax the hidden wealth previously stored in tax havens.

“Since 2018, all the banks in all tax havens have to automatically report to HMRC on the wealth [clears throat] of their UK customers and the income that they earn each year. I'm not saying it works perfectly well, that there is full compliance, but don't get me wrong. It's been a game-changer.”