Financial Transparency Coalition

New York Times -- A wealthy UBS private banking client who owns a building material company in New Jersey pleaded guilty on Friday to tax evasion, the fourth American caught in a widening investigation into the giant Swiss bank over its offshore services.

According to a leaked draft communique, the G20 will be proposing more sanctions on tax havens. According to the Times of London:

The G20 summit in Pittsburgh is expected to announce a further clamp down on tax havens, according to a draft of the group’s communiqué.

Keep your fingers crossed!

GEORGE TOWN, Cayman Islands - Caribbean and Atlantic offshore finance centers are hitting back against attempts to portray them as shady tax havens and say world leaders are making them scapegoats for the global downturn.

Today, following the conclusion of a two day conference titled “Increasing Transparency in Global Finance: A Development Imperative,” the Task Force on Financial Integrity and Economic Development issued the following statement to the members of the G-20:

Today the Task Force on Financial Integrity and Economic Development concluded a two-day conference which provided an opportunity to examine in-depth the linkage between global illicit financial flows and their adverse impact on development.

The massive flow of illicit money out of developing nations, estimated at some $1 trillion per year, outpaces current levels of...