Tax havens must be ‘eradicated in Europe and worldwide’ — François Hollande

HollandeFrench President François Hollande has condemned tax havens.

On national television he said they must be  “eradicated in Europe and worldwide.”

His declaration followed followed the ICIJ’s series on offshore secrecy.

Hollande told French banks they must declare all of their offshore subsidiaries and said he’d push other nations to share information about French citizens’ holdings within their borders.

“I will not hesitate to consider any country that refuses to fully cooperate with France as a tax haven,” he said, according to the ICIJ, which adds »»»

In another announcement last week, Luxembourg Prime Minister Jean-Claude Juncker said his country plans to lift bank secrecy rules for European Union citizens who have money stashed in the country, ending decades of bank secrecy in Luxembourg.

“We are following a global movement,” Juncker told parliament in a state-of-the-nation address. The new transparency regime would begin in January 2015.

Last Tuesday, Europe’s five biggest economic powers — Britain, France, Germany, Italy and Spain — announced they would begin regularly exchanging banking and tax information as a well of identifying tax dodgers and other financial wrongdoers.

“Recent developments, fuelled by the outcome of the Offshore Leaks, confirms the urgency for more and better action against tax evasion,” European Commissioner for Taxation Algirdas Šemeta said in making the case for greater exchange of financial data among nations. “ … Now it is time to put words into action.”

Jon Newton — myblogdammit

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