Britain reluctant to join crackdown on tax havens

January 22nd, 2009

The Guardian

The UK has failed to join a new international crackdown on financial secrecy and tax havens by more than 50 countries, including Germany, France and Spain – part of a package of measures to restore the world’s economy to health.

Failure to participate in the formation of the new Taskforce on Financial Integrity and Economic Development, launched in Washington DC this week, is part of a pattern of UK opposition to key financial transparency reforms. Campaigners argue that the UK’s seeming desire to protect the City of London threatens to isolate Britain as international momentum for fundamental changes to tax secrecy grows.

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