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Тax havens come under fire

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The  naming and shaming of these 7 states is part of the OECD's 4 year long campaign against international tax evasion.



Organization for Economic Cooperation & Development

The  30 countries of the OECD account for most of the world's wealth.


They  fear that huge amounts of tax is being lost to them by rich people and corporations claiming that they are based in tax havens around the globe where tax rates are low or even non-existent.

Most  of them have now agreed, in principle, to improve their financial transparency and exchange more information with foreign tax authorities.

If  the remaining 7 don't do so by April next year they could face penalties.

The  OECD says it will devise "defensive measures", such as cancelling existing tax treaties with the states or taxing money being moved to them.

However  the OECD has no power itself to enforce such measures.


The  campaign against tax evasion has been given added impetus by the desire of governments to confiscate the assets of terrorists after September 11th.



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