Ethics and governance in the European Financial centers

The AFP has reported that French lawmakers propose crackdown on tax havens .

They proposed 30 measures to crack down on tax havens and money laundering, including getting rid of 500-euro notes, as it is currently the largest denomination of a major currency in circulation, and that "laundering of dirty money very often resorts to cash.".

The report urges the government to compile its own list of countries uncooperative in cracking down on money laundering and then block branches of companies registered in such countries from operating in France.

The report also proposes "blocking access to French territorial waters for ships flying flags of convenience registered in tax havens."

The limit for transactions conducted should also be reduced to 3,000 euros between individuals and 1,100 euros for businesses, it said.

Lawmakers also call for the creation of a new financial crime investigation service.

Read the report (French)