G20 sets tax havens deadline

Representatives of the world's largest economies have threatened offshore centres on the OECD list of "tax havens" with sanctions, unless they increase transparency. Ministers asked the Financial Stability Board of G20 central bankers, finance ministry officials and regulators to report on compliance and criteria by 2009, according to reports by Reuters. The G20 will then by ready to use countermeasures against tax havens from March 2010. In April, G20 leaders agreed to name and shame the world's tax havens identified on the OECD list of "white" and "grey" jurisdictions. Sanctions...