France Takes a Step Towards Transparency
June 22nd, 2009
Our friends at the Tax Justice Network blog have pointed out some great news about France in Tax-News.com today. The French government is apparently unveiling a new regulation which would require all French banks to disclose all information about their connections to tax havens.
From the article:
Following a vote last week on the law pertaining to the merger of the Caisse d’Epargne and the Banque Populaire, creating the country’s second largest bank, credit institutions in France are now legally obliged to publish information in their annual accounts regarding their activities in jurisdictions deemed “uncooperative” in tax matters.
Task Force member, Transparency International, is also included in the article:
President of Transparency International France Daniel Lebègue welcomed the decision, while acknowledging that the measure is in no way intended to condemn the presence of French banks in these territories.
This is great news, and we’ll keep you updated as more information comes out about the specifics of this new regulation.