Tax havens in spotlight

| 31/03/2009

(IPS): This could be the moment when a fatal blow is delivered to the world’s tax havens. Or it could be another largely cosmetic change that allows offshore financial centres such as Switzerland, the Cayman Islands and Liechtenstein to deflect attacks on the system by sacrificing the few tax miscreants that governments catch in their nets. Decisions at the G20 government leaders meeting in London Apr. 2 will set the direction. Financial centres with bank secrecy laws are blamed by the Organisation for Economic Cooperation and Development, which represents 30 developed economies, for hiding some 5 to 7 trillion dollars offshore so the profits they produce evade taxes.

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