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| Version 4 | Version 5 |
|---|---|
| OECD names and shames tax havens | OECD names and shames tax havens |
| (9 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 by the G20 to clamp down on tax havens, which may involve using sanctions. | |
| Three of the blacklisted countries have said that they should be removed from the list. | |
| 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". | 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." | "We stand ready to deploy sanctions to protect our public finances and financial systems. The era of banking secrecy is over." |
| Pressure | Pressure |
| Angel Gurria, secretary general of the OECD, said that the G20 summit had helped to focus minds on the issue of tax havens. | Angel Gurria, secretary general of the OECD, said that the G20 summit had helped to focus minds on the issue of tax havens. |
| Uruguay may not be a monastery, but it is not a casino Uruguayan President Tabare Vazquez Macau: The tax haven that vanished | |
| "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 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. | "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." | "It is really up to us to prove them wrong." |
| Malaysian Prime Minister Najib Razak said that his country should not be on the blacklist at all. | Malaysian Prime Minister Najib Razak said that his country should not be on the blacklist at all. |
| "We should not be in that category as, in practice, we have been committed to OECD requirements," he said in a statement. | "We should not be in that category as, in practice, we have been committed to OECD requirements," he said in a statement. |
| Uruguay has also objected to its inclusion on the list. | Uruguay has also objected to its inclusion on the list. |
| "In Uruguay, we are not a tax haven," President Tabare Vazquez said. | "In Uruguay, we are not a tax haven," President Tabare Vazquez said. |
| "Uruguay may not be a monastery, but it is not a casino," he added. | "Uruguay may not be a monastery, but it is not a casino," he added. |