With its President Daniel Lebègue, Transparence-International (France) welcomes the strong decisions adopted last week-end during the meetings held by the G7, the IMF and the Eurogroup. TI France however wonders why no reference or decision have been made concerning one of today most serious threats for the world financial system: hidden finances allowed by tax havens. In these financial centers, opacity, absence of rules and lack of co-operation with foreign jurisdictions often prevail.
Offshore centers play a major role in the international finance: they host more than 400 banks, two third of the 2000 hedge funds and around two millions of front companies. These actors would be dealing, according to the last available estimations, about 10.000 billions US$ of financial assets. No serious rebuilding of the world financial system will be possible if the adopted solutions don’t address this dangerous situation, which contravenes imperatives of stability, collective ethics and development of poorest countries.
TI France, with other NGOs, will present its recommendations on Thursday October the 16th during a press conference organized at the CAPE (Grand Palais - Perron Alexandre III, Cours la Reine, 75008 Paris).
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