The Christian Aid missionary agency has accused Bermuda of being implicit in contributing to the deaths of 5.6 million children by 2015 in a report issued earlier this month.

The 60-page report entitled "Death and taxes: the true toll of tax dodging" attacks both tax havens and the transnational companies that take advantage of them.

According to the report, international businesses, by using Bermuda as a tax haven, have prevented millions of dollars in aid to be given to the third world.

The report estimates that as much as $11 trillion in funds are held in low-tax jursdictions like Bermuda, Jersey, and the Cayman Islands, funds that if taxed could provide millions in aid, which in turn could save millions of lives, as many as 1,000 per day.

In addition, many companies, according to the report, use tax havens to avoid paying taxes in developing countries, which can have a dire effect on the well being of the already impoverished nations.

"Tax havens certainly deprive the exchequers of rich countries, but they also have an immeasurably greater impact on developing countries that can ill afford the losses."

In total, the report estimates that as much as $160 billion is hidden from the governments of third world countries through tax havens, legal loopholes, and economic strong-arming.

The report makes specific mention of several businesses with interests in Bermuda as examples, including Ford Motor Company and Royal Dutch Shell, which have captive insurance companies here. And it focuses on the 'big four' accountancy firms (KPMG, Deloitte, PricewaterhouseCoopers and Ernst & Young).

"The inescapable fact is there are only four reasons for banking 'offshore': to avoid tax (which is legal), to evade tax (which isn't), to function in secret, to sidestep regulations controlling financial services or monopolistic practices.

"In each scenario, the pursuit of profit outweighs all other considerations, including good citizenship and social responsibility."

Christian Aid also uses the report to join with the campaign group Tax Justice Network in an effort to change legislation to force tax havens to reveal more information about financial dealings in hopes of stopping illegal or immoral activities.

"(Transnational corporations) should be required to make country-by-country disclosure of the taxes they have paid," the report states. "Only then can the developing world be sure of a fair deal."