TIGblogs TIG | TIGblogs GROUP TIGBLOGS LOGIN SIGNUP
Bahamas Blog International
Bahamas Blog International
British PM calls for ban on tax havens
Translations available in: English (original) | French | Spanish | Italian | German | Portuguese | Swedish | Russian | Dutch | Arabic

WASHINGTON, USA (AFP): British Prime Minister Gordon Brown Wednesday took aim at tax havens suggesting they should be outlawed just a few weeks before he hosts the G20 summit in London.

"You are also restructuring your banks. So are we," Brown said in a landmark address to the US Congress highlighting moves to tackle the financial crisis.

"But how much safer would everybody's savings be if the whole world finally came together to outlaw shadow banking systems and outlaw offshore tax havens?"

The issue of tax havens, which often allow the world's wealthiest to hide money from governments and tax authorities, is due to figure on the agenda for the London summit on April 2.

It will be the first international meeting to be attended by new US President Barack Obama overseas since he took office on January 20.

"So that the whole of our worldwide banking system serves our prosperity rather than risks it, let us agree in our G20 summit in London in April rules and standards for proper accountability, transparency, and reward that will mean an end to the excesses and will apply to every bank, everywhere, all the time," Brown urged.

London has gradually warmed to the idea of regulating the banking system, after having been criticized for the practices of its offshore tax havens in the Isle of Man, and the Channel Islands.

Last month, British finance minister Alistair Darling denounced the secrecy of Swiss banks in an interview with the Observer newspaper, saying lack of transparency was a major contributing factor to global credit crunch.

"I think it's important there is transparency. People don't know what's going on. That's not good. Indeed, half the many problems we have got now is because people didn't know what was going on," Darling told the newspaper.

"The secrecy that allows people to shelter their wealth from tax that's properly paid -- you can't tolerate that."

In Berlin on February 22, the leaders of Britain, France, Germany, Italy, Spain and the Netherlands agreed that "all financial markets, products and participants -- including hedge funds and other private pools of capital which may pose a systemic risk -- must be subjected to appropriate oversight or regulation."

And French President Nicolas Sarkozy on Sunday suggested Switzerland could be put on a planned G20 blacklist of tax havens, igniting anger from Swiss authorities.

In recent months, Switzerland has faced international pressure especially in the United States and in the European Union, where critics claimed secrecy encourages their citizens to evade taxes by hiding their money in Swiss banks.

Obama said shortly after his election that he saw the world's 40 tax havens as a problem to be addressed.

caribbeannetnews.com

March 5, 2009 | 10:21 PM Comments  0 comments

You must be logged in to add tags.


Dennis Dames's Profile


Latest Posts
Rastafari: Ja's...
Caribbean countries...
Jamaica: The gay...
Gambling and human...
Gorbachev Russia’s...

Monthly Archive
December 1969
October 2005
November 2005
December 2005
January 2006
February 2006
March 2006
April 2006
May 2006
June 2006
July 2006
August 2006
September 2006
October 2006
November 2006
December 2006
January 2007
February 2007
March 2007
April 2007
May 2007
June 2007
July 2007
August 2007
September 2007
October 2007
November 2007
December 2007
January 2008
February 2008
March 2008
April 2008
May 2008
June 2008
July 2008
August 2008
September 2008
October 2008
November 2008
December 2008
January 2009
February 2009
March 2009
April 2009
May 2009
June 2009
July 2009
August 2009
September 2009
October 2009
November 2009
December 2009
January 2010
February 2010
March 2010
April 2010
May 2010
June 2010
July 2010
August 2010
September 2010
October 2010
November 2010
December 2010
January 2011
February 2011
March 2011
April 2011
May 2011
June 2011
July 2011
August 2011
September 2011
October 2011
November 2011
December 2011
January 2012
February 2012

Change Language


Tags Archive
america american bahamas barack caribbean crime crisis cuba cuban development economic economy financial global health history ict4d individualeconomy international investment military obama people political revolution trade war washington world

Links
A+ Links Int'l
Affiliate Marketplace
Bahamas Dames
Bahamas Political Blog
Bahamas Search
Bahamian Phone Cards
Blog Directory
Blog Directory
Blogadr
BlogExplosion
Caribbean Blog International
Cheap Int'l Calling Cards
Crooks Blog
DAD's Matchmaking Online
Dating Network
Dennis Dames Hotels...
Dennis Dames Online...
Dennis Dames Pages Online
Free Paid Web Directory
LS Blogs
Politics Blogs
Top Web Blogs
Vote For Me
Woo Love Poems Menu


2495935 views
Important Disclaimer