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G-20 Threatens Penalties on Tax Havens After Panama Papers

  • G20 Image

Apr 15, 2016

On April 15, 2016, the finance leaders of the Group of 20 (G-20) indicated they were considering to penalize jurisdictions that don’t share information on their banking clients after the leak of the Panama Papers provoked a global uproar over tax evasion.

The G-20 will consider “defensive measures” against financial centers and jurisdictions that don’t commit to an international standard requiring the exchange of information about account holders.

The group said it would work with the OECD to come up with criteria for identifying “non-cooperative jurisdictions” by July, adding that improving the transparency on who controls legal tax entities is vital to the international financial system.

Review the Communiqué on the International Monetary Fund's Web site.

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