Friday, October 02, 2009

All French banks 'will close tax haven units'

From AFP:

"All French banks will begin taking steps in March to close their branches and subsidiaries in countries deemed to be tax havens by the OECD, the deputy head of the French banking federation said on Thursday.

"French banks have taken the decision to commit to the closure of their subsidiaries and branches that are on the OECD grey list in March 2010," he said after a meeting with French President Nicholas Sarkozy."

Congratulations to our French friends and partners who have pushed on this issue. BNP Paribas was the first, and we're pleased to see others following. But the ones on the OECD whitewash, sorry, white list, are every bit as bad. Now is the time for the OECD to up the ante significantly: the OECD list system is entirely inadequate, but this move at least is a positive one.


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