Appropriate noises on sanctions

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From the Wall Street Journal comes this:

The Group of 20 industrial and developing economies is expected to decide what sanctions should be placed on tax havens that don't abide by international transparency standards, Paul Myners, U.K. Financial Services Secretary to the treasury said Thursday.

Myners said in a House of Lords debate the penalties would be designed to make sure that countries which operate as tax havens for the wealthy quickly meet standards on openness.

"The key now is to ensure the swift implementation of these commitments," said Myners. "Leaders will review progress at the London summit...and one of the issues they will no doubt review are the sanctions that may be required should the process not produce the results expected."

Good.

It’s encouraging that the word sanctions has not been forgotten. The world is not changed by press releases. It is changed by action. We have had the PR. Now we need that action. Sanctions will ensure it happens. Nothing else will.