Sanctions from March 2010

Finance ministers and central bankers from the Group of 20 on Saturday gave tax havens until March 2010 to cooperate on tax evasion or face sanctions.

Officials from the world's 20 biggest developed and emerging economies asked the Financial Stability Board of G20 central bankers, regulators and finance ministry officials to report on criteria and compliance by November 2009.

The G20 stood "ready to use countermeasures against tax havens from March 2010," they said in a statement.

Better than nothing.

But no real progress on key issues like Automatic Information Exchange.

Overall outlook: worrying.

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6 Responses

mad foetus says:

September 6 2009 at 8:47 pm

I tin we all agree that the likes of the Cook Islands, Vanuatu and Panama should be shut down unless they can achieve the standards of, at a minimum, the US and UK, or, ideally, Jersey, Guernsey and the IOM.
Ian B says:

September 7 2009 at 12:37 am

Economic sanctions are a form of warfare. How much violence are you prepared to use against smaller nations to force them into becoming vassal states?
James from Durham says:

September 7 2009 at 10:41 am

Ian B – these stelets are not quite the feeble little entities you want us to believe them to be. They are in many instances controlled by highly wealthy and powerful individuals.
mad foetus says:

September 7 2009 at 12:24 pm

So what sanctions are we proposing against Delaware and London?

Or is this “tax haven” bashing simple protectionism? Be judged by how you deal with the tax havens in your own jurisdiction first.
Alex says:

September 7 2009 at 2:00 pm

James from Durham :
Ian B – these stelets are not quite the feeble little entities you want us to believe them to be. They are in many instances controlled by highly wealthy and powerful individuals.

No doubt living in subterranean missile launch pads manned by platoons of gooks in matching overalls, sipping martinis and stroking exotic cats next to pirhana-filled tanks.
Moana says:

September 7 2009 at 2:02 pm

Shut down Panama, get real? 😯 I think there might be a small piece of water that might stop that….