Ahead of the G20 financial summit in London this April, Gordon Brown is pushing ahead with a major diplomatic effort to crack down on international tax havens that cost governments $150 billion a year. The British PM has held talks with fellow world leaders, including Barack Obama, reports the Guardian. While Obama has taken an interest in the Cayman Islands, Brown is pressing Switzerland to close its many loopholes.
Brown's plan has three parts: a clampdown on individuals who evade taxes with offshore accounts; punishment for corporations that use tax havens; and a tightening of regulation of markets, where billions are transferred ever day with no reporting. At a press conference yesterday, the PM said he was pushing for a unified regulatory system on tax and banking that would apply to all countries in the G20.