I gather from reports (sorry for absence of links — posting in haste) that the OECD black list of tax havens had four nations on it last Thursday when announced and none are left tonight.
I call this real progress.
OK, these people have committed to some very low standards of information exchange, and that is all. But I call that real progress. Without that pressure they would not have done so — and Uruguay in particular is a rather nasty haven of long standing where real abuse goes on — as I highlighted in the report ‘Creating Turmoil’ last year.
Of course they have to follow through now — but unlike the last OECD process there are sanctions this time if they fail to do so.
And I suspect the hurdle they are expected to meet will rise over time.
OK, this is a small win. But don’t doubt it — long journeys only start when the first step is made. This is such a step.
I’m pleased that the journey is underway. Just don’t expect me to be quiet if it goes off course.
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It is a small step that will be no giant leap for mankind until well-crafted, jiggery-pokery international banking practices are identified & outlawed. We know there are financial mechanisms that enable ultra rich people and wealthy corporations to evade paying taxes. They will continue to operate with impunity despite the ambitions of the g20 club.
There will be no great strides made until the major stumbling blocks are overcome. The obstacles to progress are the many ‘mandarins’ in high places who have vested interests in seeing that the status quo is preserved. In effect many of the people & institutions that one would expect to tackle corruption are themselves corrupt to the core.
What is the solution to this state of affairs?
To my understandings many people in high places wants the status quo preserved because they practice the so called “cash economy” schemes,where the financial institution fail to cover.Probably this is one good reason why in some countries their economic growths do not have any negative impact from the current global financial crisis.