Obama urged to push G20 for action on money laundering

September 17th, 2009

Business Standard

An influential American Senator has urged US President Barack Obama to push the G20 nations to bar tax haven banks from participating in the global financial system if they refuse to cooperate with investigations of tax evasion.

As leaders of the world’s developed and emerging economies prepare to meet in Pittsburgh next week for the banking and finance summit, Carl Levin, Chairman of the U.S. Senate Permanent Subcommittee on Investigations, has called for encouraging the G-20 countries to adopt an approach on tax havens similar to the methods currently in use in the US to target international money laundering.

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