Ethics and governance in the European Financial centers

Senator Levin started his speech with the following words:

About 50 tax havens operate in the world today. Their twin hallmarks are secrecy and tax avoidance. Some tax havens are little known places like Andorra and Vanuatu that few Americans have heard of. Others, like Switzerland and Liechtenstein, are notorious for operating behind an iron ring of secrecy. Billions and billions of dollars worth of U.S. assets find their way into these secrecy tax havens, aided by banks, trust companies, accountants, lawyers, and others. Each year, the United States Treasury loses an estimated $100 billion in tax revenues from offshore tax abuses. Tax havens are engaged in economic warfare against the United States and honest, hardworking American taxpayers.

The offshore tax evasion problem faced by the US is of "staggering proportions (...) by exploiting gaping loopholes, these foreign banks are enabling felony tax evasion. Simply put, foreign banks should not be Al Capone safe-houses for evading taxes."
," said Republican Senator Norm Coleman, the panel's ranking Republican.

The Permanent Subcommittee on Investigations will continue its hearings, "Tax Haven Banks and U. S. Tax Compliance," on Friday, July 25, 2008, at 9:30 a.m.,to call Peter S. Lowy as a witness. Mr. Lowy was originally scheduled to be a witness at the Subcommittee’s July 17th hearing.

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Documents relating to the hearing