The future of tax havens

(CNBC European Business): The year 2008 will remain indelibly etched on the collective psyche of the offshore banking sector. Switzerland and Liechtenstein, the heights of European banking secrecy, were assailed by tax investigations of unprecedented severity while the near collapse of the global financial system injected renewed vigour into international efforts to pierce the offshore veil. Probes into Bernie Madoff’s $50bn fraud look set to pile further opprobrium on opaque investment structures. Go to article