Financial Transparency Coalition

This report by the House of Commons recognizes the devastating impact that tax havens have on developing countries, stating: "developing countries suffer disproportionately from the existence of tax havens which prevent them receiving much-needed tax revenue which they should derive from economic activity within their borders. The ending of tax havens is necessary, not only for reasons of justice but also to promote good governance and robust management of public finances in poor countries."

The UK has failed to join a new international crackdown on financial secrecy and tax havens by more than 50 countries, including Germany, France and Spain - part of a package of measures to restore the world's economy to health.