Financial Transparency Coalition

Attached are the official communique and declaration made by the G20 Finance Ministers at their summit on September 5, 2009. Additionally, attached is a progress report on the actions taken by the G20 at its previous 2 summits.

Bloomberg -- Deutsche Bank AG, Commerzbank AG and Sal. Oppenheim Jr. & Cie. defended international activities after Die Zeit reported German lenders are “deeply involved” in business with tax havens.

WASHINGTON - A federal court in Newark, N.J., denied Schering-Plough Corp. a $473 million refund in connection with two transactions in which Schering-Plough sought to avoid taxation on $690 million in profits it repatriated from offshore subsidiaries into the United States.

William Wallace: Your editorial welcoming action to force tax havens to loosen the bonds of secrecy (21 August) omitted one important point: many of the world's leading tax havens fall under the British crown. Jersey, Guernsey, Isle of Man, Gibraltar, Bermuda, Cayman Islands, British Virgin Islands and Turks and Caicos are all significant offshore financial centres. All benefit from the British system of law, from the expectation of offshore investors that British oversight guarantees higher standards than competitor centres – and all have benefited from Whitehall's relaxed oversight regime.