Critics Say Tax Haven Crackdown Falls Short

June 23rd, 2009


Last month the Organization for Economic Cooperation and Development in Paris removed the last holdouts Andorra, Lichtenstein and Monaco from its blacklist of “uncooperative” tax havens. With every OECD-targeted tax haven across the globe now committed to tax “transparency and exchange of information,” according to the organization’s Committee on Fiscal Affairs, the world seems to have entered a new era.

April’s G-20 meeting in London does indeed suggest there is growing political will to penalize foot-dragging tax havens. A recent status report presented to the American Bar Association Tax Section predicted “increasing convergence and prosecution” of “tax evasion and other white-collar crime” and “more pressure on a macro level on offshore centers and large international banks.”

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