This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7980848.stm
The article has changed 8 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| OECD names and shames tax havens | OECD names and shames tax havens |
| (21 minutes later) | |
| The Organisation for Economic Cooperation and Development (OECD) has published its blacklist of non-cooperative tax havens. | The Organisation for Economic Cooperation and Development (OECD) has published its blacklist of non-cooperative tax havens. |
| Costa Rica, Malaysia, the Philippines and Uruguay are the countries listed as not having agreed to tax standards. | Costa Rica, Malaysia, the Philippines and Uruguay are the countries listed as not having agreed to tax standards. |
| The list is part of efforts agreed at the G20 summit to clamp down on havens. | The list is part of efforts agreed at the G20 summit to clamp down on havens. |
| There is also a list of 38 places that have agreed to improve standards but not yet done so, such as Gibraltar, Liechtenstein, Andorra and San Marino. | There is also a list of 38 places that have agreed to improve standards but not yet done so, such as Gibraltar, Liechtenstein, Andorra and San Marino. |
| On Thursday, G20 leaders agreed to take sanctions against tax havens using the OECD list as its basis. | On Thursday, G20 leaders agreed to take sanctions against tax havens using the OECD list as its basis. |
| In their communique, they agreed, "to take action against non-cooperative jurisdictions, including tax havens". | |
| "We stand ready to deploy sanctions to protect our public finances and financial systems. The era of banking secrecy is over." | |
| Pressure | |
| Angel Gurria, secretary general of the OECD, said that the G20 summit had helped to focus minds on the issue of tax havens. | |
| "We've had more progress in the last two weeks on this matter than we've had in the last 10 or 12 years," he told the BBC. | "We've had more progress in the last two weeks on this matter than we've had in the last 10 or 12 years," he told the BBC. |
| He added that the progress had come despite the leaders not specifying what sanctions they would take. | He added that the progress had come despite the leaders not specifying what sanctions they would take. |
| "[Non-cooperating countries] will move because they know the question of sanctions, however ill-defined that was, is going to affect them somehow." | "[Non-cooperating countries] will move because they know the question of sanctions, however ill-defined that was, is going to affect them somehow." |
| The Philippines is already reported to be taking steps to remove itself from the blacklist. | |
| "The Philippine government would take the necessary steps to ensure we meet their expectations," Trade Secretary Peter Favila told the Associated Press news agency. | |
| "It is really up to us to prove them wrong." |