G20 declares door shut on tax havens

[seafan]

Source: Guardian UK

The most dramatic crackdown on tax havens was unveiled by G20 leaders at their summit today, paving the way for the naming and shaming of countries that fail to comply with internationally agreed standards.
Gordon Brown hailed the agreement as he issued a blunt warning to individuals and corporations that invest in renegade tax havens that their money will be unsafe.

"People will increasingly see that it is unsafe to be in a country which still wants to declare itself as a tax haven," the prime minister said.
"There will be no guarantee about the safety of funds there. If tax information is exchanged on request, as these countries have agreed to, then the benefits from being in these countries will diminish every day."

.....

• Those that have substantially implemented the standard, including most advanced countries such as Britain, the US, France, Germany and China

• Tax havens that have committed to – but not yet fully implemented – the standard. These include Andorra, Monaco, Gibraltar and Lichtenstein

• Financial centres that have committed to – but not yet fully implemented – the standard. These include Switzerland, Singapore, Chile and three EU countries – Belgium, Luxembourg and Austria

• Those that have not committed to the standard, including Costa Rica, Malaysia, the Philipines and Uruguay.

Read more: http://www.guardian.co.uk/world/2009/apr/02/g20-summit-tax-havens

[benld74]

1. Ah, are we all going to stand on the Cayman Islands Neck until they do the same?

[seafan]

3. A glaring problem, the Caymans are a British Dependent Overseas Territory.

The Cayman Islands is a parliamentary democracy with judicial, executive and legislative branches. The present constitution, which came into effect on 22 August 1972, provides for the government of the Cayman Islands as a British Dependent Overseas Territory. It is the third written constitution issued for the Islands by the British Crown since 1959, though there is a history of over 160 years of representative government.

http://www.gov.ky/portal/page?_pageid=1142,1481315&_dad=portal&_schema=PORTAL

[pattmarty]

4. Fuck it, just bomb them.

[tomm2thumbs]

2. I know - why aren't they in the first line of that list? Is it not the worst offender?

The chain is only as strong as the weakest link - and that one is a biggie