Ethics and governance in the European Financial centers

Raymond Baker, director of the Global Financial Integrity program and Eva Joly, the former French magistrate who led was in charge of the "Elf Affair" in France have published an important analysis entitled "The Issue of Illicit Financial Flows."


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The Royal Gazette has quoted Senator Levin.
American lawmakers will waste no time in helping President-elect Barack Obama to fulfill his campaign promise to "shut down the tax havens", a leading US Senator has indicated.
The President-elect has co-sponsored our bill, which goes after the misuse of these tax havens, the avoidance of taxes by American taxpayers, individuals and corporations using the Cayman Islands and all these other places to avoid paying their bills to Uncle Sam," Sen. Levin said in an interview broadcast on Bloomberg Television last Friday.

The AFP reported that the European Commission the day before yesterday proposed new measures to clamp down on tax dodgers who stash their cash in offshore accounts or use tax-free intermediaries.
Current European regulation, "although effective within the limits of its scope, can be easily circumvented," EU Taxation Commissioner Laszlo Kovacs said in a statement.

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