French Government Forces Banks To Increase Transparency

June 22nd, 2009

Intensifying the pressure on its banks, the French government is introducing a new measure requiring all French banks to disclose information regarding their links to tax havens. Indeed, eager to make this compulsory measure widespread, the French government is expected to try to convince other countries to follow suit at the next G20 summit meeting.

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.

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