Thursday, April 12, 2012

Europe targets Swiss secrecy

Correction, April 18: we have been sent a clarification: The pressure does not come from the European Parliament, but from the Parliamentary Assembly of the European Council.

Switzerland's Neue Z├╝rcher Zeitung (NZZ) newspaper is reporting today on new moves at the European parliament to increase pressure on tax havens and financial secrecy. According to a rough web translation:
"The Parliament of the European council wants to increase pressure on countries with banking secrecy and low taxes. The parliamentary assembly is due to adopt the resolution on 27th April. It calls for the 47 member states to 'exert more pressure' on tax havens and on financial secrecy, and the aim should be the 'progressive abolition' of tax-related secrecy."
The story widely cites our Financial Secrecy Index (FSI.) More on this later.


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