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Tax Havens3/31/09 - The 20 largest economic nations in the world are expected to produce a new set of rules for oversight, transparency and conduct for offshore tax havens as part of a broader effort to overhaul the regulatory structure of the world economy. The new "rules of the road" for Caribbean and other tax havens will be included in a communiqué issued by the Group of 20 nations at a much-anticipated London economic summit. It would come on top of new goals for global economic stimulus and efforts to coordinate regulatory oversight between the world's largest economies, as well as emerging economic powers such as Brazil, India and China. The trip, Mr. Obama's first outside North America as president, will mix diplomatic protocol and public outreach to harness Mr. Obama's popularity abroad to press his agenda – both foreign and domestic. Administration officials sought to downplay divisions that have emerged in the weeks preceding the summits. The White House said no nation would be asked for specific economic-stimulus targets at the G-20 summit, even though summit participants are expected to produce a statement vowing to do what is necessary to lift the world from global recession. The president will embrace a European call for the regulation of large hedge funds. On the tax-haven question, the White House acknowledged that there were no major offshore havens among the nations of the G-20. But, he said, the summit leaders have conducted "a series of dialogues" that will be reflected in the road map for clamping down on tax cheats. The U.S. remains somewhat divided from Germany and France, which are pushing to blacklist tax-haven nations that don't go along with the emerging G-20 prescriptions. |
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