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This year’s Offshore Leaks investigation into the extent of holdings in tax havens have pressured European leaders into addressing financial transparency at this week’s G8 summit in Northern Ireland, writes EUobserver.
The site references British Prime Minister David Cameron’s announcement, two days prior to the summit, that 10 protectorates known for their special tax status will create a registration of owners of foundations, trusts and shell firms that sets “new standards for exchanging tax information” between jurisdictions.
Cameron’s words follow the European Commission’s pledge to set up one of the world’s toughest tax transparency regulations by the year’s end.
The Economist agrees the revelations have made transparency a top concern for the G8 summit, which is an ideal venue for Cameron and other leaders to push for measures to rein in tax havens:
The OECD is working on a series of reform proposals, to be presented to another summit in July, of the broader G20 [...] Strong support from the G8 would help.
EUobserver interviews EU tax commissioner Algirdas Semeta, who admits Offshore Leaks is “the most significant trigger behind” the crackdown:
It has created visibility of the issue and it has triggered political recognition of the amplitude of the problem.
The International Consortium of Investigative Journalists, which lead the Offshore Leaks investigation, has meanwhile launched an online database on June 14 revealing names of owners behind more than 100,000 secret offshore holdings.
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