The political pressure for a crackdown on banking secrecy in tax havens has intensified enormously in recent months, a senior official at the Organisation for Economic Co-operation and Development (OECD) acknowledged at the Legal Week Private Client Forum last week.Pascal Saint-Amans, head of the OECD's International Co-operation and Tax Competition Division, told delegates that the Liechtenstein scandal in February this year - which broke after the German government reportedly paid E5m (£4.2m) to an ex-employee of a bank for account holders' details, and subsequently recovered A110m (£92m) in back taxes from its residents - had resulted in a 'sea-change' in terms of the political attention paid to the organisation's work in this area. "From an OECD perspective, we can feel that change - it's really big," he added.
November 26, 2008 at 09:23 PM
1 minute read
The original version of this story was published on Legalweek
Non-tax compliant structures and an individual’s right to privacy were among the issues up for discussion at the Legal Week Private Client Forum. Philip Hoult reports
The political pressure for a crackdown on banking secrecy in tax havens has intensified enormously in recent months, a senior official at the Organisation for Economic Co-operation and Development (OECD) acknowledged at the Legal Week Private Client Forum last week.
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