Sanctions set for March on tax havens

| 19/07/2009

(Dow Jones): U.K. Prime Minister Gordon Brown and French President Nicolas Sarkozy have called for sanctions to be imposed on tax havens from March 2010. "And the world should be in no doubt that the writing is on the wall for tax havens wherever they may be," Brown said. “We are calling today for a March 2010 deadline for the introduction of sanctions against tax havens. Sarkozy called on tax havens to go even further, and to commit to greater transparency on fiscal matters. "Tax havens have shifted from the black list to the gray list, now fiscal cooperation conventions must be signed…they need to exit the gray list," he said.

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  1. Anonymous says:

    For two countries (USA and UK) who are reeling from the biggest scandals of all times they need to clean up their own back yard before they go looking in others. Remember when Obama was looking for his members of government and he was having a hard time finding one that didn’t have tax evasion in their past. Or how about the SEC ignoring the warnings they got about Madoff YEARS ago!

    From a U.S. Citizen married to a Caymanian, Obama will not be allowed to close the tax loopholes afforded to Multinational corporations or the country will implode.  Why is it the U.S. and U.K.  can give deals to foreign countries to promote foreign direct investment but if an island country does it they are classified as tax havens. In this ever changing world of global finance the Cayman Islands being "tax neutral" does not protect anyone from being a responsible citizen in their home country. I file my tax return just like every other American (that is my social responsibility) and pay my taxes just like every American for what?…. so someone on welfare can afford to have 10 children and never work a day in their life? The world isn’t fair Obama and if you keep taxing the rich to give to the poor you breed generations of people who just want handouts! Beware of your socialistic views or the good ole US of A our forefathers fought so hard for will end up just like that of England that we fought to be "different from"!
    As for Gordon Brown he is a joke! Most "tax havens" as they call them are British colonies what sense does it make to collapse the economies of British colonies? Oh snap lets just all decide to do nothing and then we can live off the welfare system in the U.K.
    Irrational men…. irrational decisions! US and UK fix your own internal problems and you may find piles of money sitting right withinyour own borders!
  2. AnExPat says:


    I don’t understand why everyone is so upset by this.

    I work in the Cayman offshore finance industry and we have not accepted non-tax compliant business for year and years and years. It is bad business and we have been turning it away for as long as I can remember.

    Everything we do here (at least for my company) is fully-tax compliant. The clients make their returns and declare their holdings for taxation just like everyone else.

    The media seem to forget this little fact when shouting headlines about the future of the industry in Cayman.


  3. Anonymous says:

    I am a Scot proud of being awarded Caymanian Status and deeply ashamed of that useless other Scot Brown who cocked up the UK economy left him by Margaret Thatcher when he was Chancellor of the Exchequer and is now totally cocking up the UK as a prime minister of spell binding arrogance and incompetence. He will be gone soon, praise be but his mischief in wanting to grab money to shell out on his labour supporting benefit fraud recipients happy to live off the handouts from others who actually work and produce will be with us for a long time.

  4. Afraid to Strap on a Pair Also says:

    My blood boils over every time I see Mark Scotland’s smug mug.  Gee, what are we going to do now, Hon. Minister of Health?  It turns out swine flu is actually dangerous.

  5. Clearviewer says:

    Yours? how about all of us, this pompous $@#%@*&* will willing take what ever he can get from all of these havns as he and the french barracuda  would like the world to beleive.

    If these countries were not taxing their folks to death they would not look to any other country for help, I say Gordon get your head out of your $#$** and leave the people alone. More power to the people, speak out as you have to stand up to the likes of these wolves, what is the Isle of Man and all the others doing? hypocrites Gordon Brown etc

  6. Caymanians against Errant Parents says:

    Money will never stay in those overtaxed countries where the socialist and inefficient spending is the name of the day. I predict that all will happen is that new “tax free” jurisdictions will spring up, some onshore and some in completely uncontrolled countries such as Venezuela and Cuba, where making silly statements like Brown’s above will have to be made cautiously through the state department and the UN.

    Until the Offshore countries get together and form the “Offshore Countries Association” to discuss this issue with the Browns and Sarkozys of the world, our future remains bleak.

    On the other hand, I am not sure why the Cayman Islands does not work on legally removing Brown from office by deploying support of his opposition….he surely has no love lost for the Cayman Islands and we sure have enough UK Citizens here to affect that idea efficiently. Does anyone have David Miliband’s phone number??? Our remaining Hedge funds can sure pull the UK out of recession if need be.

    • Clearviewer says:

      Is there a place that we can make donations as to getting rid of Brown, I would be the first to donate.  We know that he has no love for the Caymans or her people as for the UK citizens living here I beg to differ. We are a thorn in their side and untill they respect us all  not just our dollar i stand by my beleifs.   Why should we offer any help to the UK with the remaining hedge funds here? I know it is a joke but even at that I cant stand the thought of helping the pompous ass.

  7. Anonymous says:

    my blood boils over whenever i see a picture of Gordon Brown, i jus can’t stan this guy!!!!!!!!!!!!!!!!!!!!!