LONDON : Four nations were blacklisted as uncooperative tax havens after G-20 leaders declared the age of banking secrecy was over and said they would no longer tolerate shady havens draining away badly needed tax revenue.
At the request of the Group of 20 summit of rich and developing nations, the Organization for Economic Cooperation and Development named the Philippines, Uruguay, Costa Rica and the Malaysian territory of Labuan as the worst offenders, saying they had refused to adopt new rules on financial openness.
"The time of banking secrecy has passed," French President Nicholas Sarkozy.
"That lack of transparency - that opaqueness - has contributed to the severity of the problems we are seeing in the world economy at the moment," Stephen Timms, financial secretary to the British Treasury
thestaronline
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