Ethics and governance in the European Financial centers

The Financial Times today states that "Havens may feel aggrieved at being bullied by the diplomatic gunboats of grander powers. But they have only made concessions when forced to do so. It is inconceivable that, without the pressure brought to bear following the April meeting of the G20.  London, six countries would have implemented the OECD’s tax standards. This pressure should not be lifted. Many of the new information-sharing agreements are weak. They do represent a step forward and will make tax evaders sleep less easily, but more openness is essential. The UK must make sure that its own overseas territories do not remain safe for tax evaders. Tax havens will find that even if they try, they cannot guarantee to keep clients’ wealth hidden if home countries continue wielding their weapons"

Two observations:

FT confirms that the agreement should not be considered as a substantial implementation of the internationally agreed tax standard

FT does not condone the issue of the UK overseas territories.