A crackdown on banking secrecy has brought governments some 14 billion euros ($20 billion) in additional revenue over the last two years, the head of the OECD said in a report Thursday.
|Secretary General of the Organisation for Economic Co-operation and Development Jose Angel Gurria (L) is welcomed by French President Nicolas Sarkozy as he arrives to attend the G20 Summit of Heads of State and Government in Cannes.|
“The era of bank secrecy is over,” Organisation for Economic Cooperation and Development chief Angel Gurria told the leaders of the Group of 20 leading economies meeting for a two-day summit at the French resort of Cannes in a report.
Europe came under mounting pressure Tuesday to take action to boost growth as the OECD warned that the eurozone crisis has worsened and poses the greatest risk to a recovery for the global economy. OECD Chief Economist Pier Carlo Padoan, pictured in Paris in March, warns: "the crisis in the euro area has become more serious recently, and it remains the most important source of risk to the global economy." On the eve of a European summit, the head of the International Monetary Fund added her voice to a chorus of calls for decisive moves after US President Barack…... [read more]
Nobody has been arrested, the National Bureau of Investigation (NBI) - the nation's equivalent of the FBI - has not been allowed to get fully involved in the probe, and a Philippines Senate investigation petered out last week. Several official and private investigators said they had hoped to make headway by following the money trail in the Philippines, but they told Reuters it has gone cold. They said the perpetrators probably knew the Philippines well and likely chose it because of the weakness of its money laundering laws. The cyber-heist, one of the biggest-ever in the world, shouldn't be seen…... [read more]
(AFP/Saeed Khan) CAIRNS: OECD chief Angel Gurria on Saturday (Sep 20) handed the G20 recommendations on the biggest changes to international tax rules in more than a century in a bid to tackle corporate tax strategies that are costing countries billions. The secretary-general said the plan, which seeks to close international loopholes used by multinational firms to avoid paying large amounts of tax, was "the most prominent step towards the modernisation of the international tax system in a hundred years". Gurria revealed that global efforts to crack down on tax avoidance had already identified €37 billion (US$53 billion) from voluntary…... [read more]
Swiss whistleblower Rudolf Elmer is planning to handover to WikiLeaks two CDs containing data of around 2,000 bank clients who may have been evading taxes, according to an interview published Sunday. Swiss whistleblower Rudolf Elmer is planning to handover to WikiLeaks two CDs containing data of around 2,000 bank clients who may have been evading taxes, according to an interview in Swiss newspaper Sonntag. "The documents show that they are hiding behind bank secrecy, possibly to avoid taxes," Elmer, a former Swiss banker, told Swiss newspaper Sonntag.... [read more]
Pham Quyet Thang of GP Bank and Nguyen Ngoc Nam, director of Sao Bac Company, are being investigated on charges of “violating state economic regulations causing serious consequences,” the police said.Police also put Nguyen Anh Dung, the bank’s former chief accountant, and Hoang Cong Hop, chairman of Thanh Trung Company, under home arrest for investigation.Thang, who worked as CEO from 2009-2015, and the others were accused of colluding with the bank’s former chairman Ta Ba Long and his deputy Doan Van An, who were arrested last year.Preliminary investigation found that Sao Bac and Thanh Trung were actually Long and An’s…... [read more]
Commercial banks expect dong loans will move up in spite of high lending rates and the central bank’s cap on the credit growth rate of loan on non-productive sectors.Phan Thi Thanh Binh of the ANZ Vietnam said the demand for dong loans of local importers was surging due to the Circular No.7 issued by the State Bank of Vietnam.According to the circular, credit institutions are allowed to offer foreign-currency loans in short-, medium- and long-terms for individuals and organizations that need to pay for their imports of commodities and services. Borrowers must prove they have enough foreign currency to repay…... [read more]
French economy minister Bruno Le Maire highlighted the proposal as a way to position Paris to compete with Dublin, Frankfurt and other centres for an expected shift in finance jobs out of London due to Brexit. Most international financial contracts are written in English and make reference to British law."We will create a special court to handle disputes relating to financial contracts governed by English law, once the UK leaves the EU," Le Maire said in a speech at the New York Economic Club."All proceedings will take place in English. We will hire people with experience in common law, regardless…... [read more]
French President Francois Hollande holds talks on Monday with the heads of the World Bank and other top economic bodies to discuss the eurozone debt crisis and ways to kickstart growth. French President Francois Hollande holds talks on Monday with the heads of the World Bank and other top economic bodies to discuss the eurozone debt crisis and ways to kickstart growth. The meeting will start at 11:00 am (1000 GMT) at the Paris headquarters of the OECD and will be followed by a working lunch and a press conference, the Elysee presidential office said. An official told AFP…... [read more]
Crisis still stalks the global economy with stagflation lurking and Japan set for recession this year despite moderate overall recovery, the OECD said on Wednesday, warning against complacency. OECD Secretary General Angel Gurria delivers a speech during the presentation of the 2011 global growth forecast at the OECD (Organisation for Economic Cooperation and Development) headquarters in Paris, on May 25, 2011. The Organisation for Economic Cooperation and Development held its 2011 global growth forecast steady at 4.2 percent in its latest semi-annual Economic Outlook report, but warned of negative uncertainty."The recovery is gaining strength but takes place at different paces,"…... [read more]
People walk by a National bank of Greece headquarters in Athens (AFP/Louisa Gouliamaki) ATHENS: Greece received a qualified vote of confidence from the eurozone over progress in overhauling its stricken economy -- and fresh injections of cash from its international creditors Friday. Jeroen Dijsselbloem, head of eurozone finance ministers, told reporters in Athens that the group could discuss further debt relief for Greece next April if the government stayed on track with its recovery programme. "This is a matter to be discussed if necessary in April 2014 under the conditions," the Eurogroup chief told reporters at a joint press conference…... [read more]