Financial Transparency Coalition

Sen. Levin Calls For Tax Haven Sanctions In Run-up To G-20.

U.S. Sen. Carl Levin of Michigan wants the U.S. to propose stiff sanctions at this month’s G-20 economic summit for banks and countries that harbor the assets of tax evaders.

In a Tuesday letter to President Obama, Levin said the U.S. should seek Group of 20 approval of sanctions for tax havens, including prohibiting G-20 banks from doing business with financial institutions that are found to be impeding tax enforcement.

The Task Force on Financial Integrity and Economic Development has released a draft agenda for its upcoming conference, “Increasing Transparency in Global Finance: A Development Imperative” which will be held at the Hilton Embassy Row in Washington, DC on Septemeber 16 and 17. The current global financial crisis marks a rare moment when the interests of developing and developed countries are closely aligned. This conference will highlight how a common approach to greater financial transparency can benefit rich and poor nations alike. Speakers will address country-by-country reporting of income and tax paid by multinational corporations, listing beneficial ownership...

Sen. Carl Levin (D-Mich.) issued the following statement on the settlement of the UBS John Doe summons.

The Swiss banking industry, facing a raft of proposals from Congress and the IRS for new requirements aimed at catching U.S. tax evaders, is beefing up its Washington lobbying ranks.