European leaders wage battle against tax havens

[ck4829]

European leaders meeting in Berlin on Sunday backed oversight of the world's financial markets and products, including hedge funds, and urged that sanctions be drawn up to punish tax havens.

A copy of the "chair's summary" from a summit hosted by Chancellor Angela Merkel and seen by Reuters describes the situation in financial markets as "fraught" and says structural reforms and a focus on public spending are needed to emerge stronger from the global crisis.

The statement also urges definitive actions against tax havens and uncooperative jurisdictions.

"According to objective criteria to be based on ongoing work in relevant international institutions, a list of uncooperative jurisdictions and a toolbox of sanctions must be devised as soon as possible," the statement says.

http://news.yahoo.com/s/nm/20090222/bs_nm/us_g20_europe

When will our leaders get the courage to battle these tax evasion scams called "tax havens"?

[FarCenter]

1. I'm really surprised that the UK is going along with this

Since they operate some of the largest off-shore tax havens in places like the Carribean, Channel Islands, etc.

They also have a thriving hedge fund business in London. It's probably bigger than the US'.