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Politics : Sioux Nation

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Dec 12 9:30 AM EST

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To: SiouxPal who wrote (164875)	4/2/2009 12:23:53 PM
From: Wharf Rat	of 361538

I like this; Forbes doesn't forbes.com ; it must be good. G20: Tax havens, the first concrete achievement The conference will agree sanctions against tax havens that fail to sign up to new anti-secrecy agreements. It's an important moment Dan Roberts guardian.co.uk, Thursday 2 April 2009 12.37 BST At last, something concrete from the G20. The financial secretary, Stephen Timms, has just confirmed that the conference will agree sanctions against tax havens that fail to sign up to new anti-secrecy agreements. We'll have to wait for the communiqué to see if there are any details (I doubt it) but this is an important moment. Concessions from tax havens have come fast and furiously in recent weeks, so it is easy to forget how far we have come. But as Timms said, it would have been inconceivable even a few months ago that so many of the world's most protective jurisdictions would give up their cherished secrecy so readily. Fresh from attending the morning session of finance ministers, Timms told journalists at a G20 briefing: "I am expecting there to be sanctions against countries that don't sign up. There will be a list produced [but] what is being discussed is the timing." For those with a taste for more immediacy, he even broke the news on Twitter. He also nailed the much-muttered complaint that action on tax havens is a red herring – reminding critics that these opaque financial boltholes allowed banks and others to underestimate the scale of their mounting toxic assets. As I've written before, tax havens were not the cause of the financial crisis but they played a major part. G20 finance ministers will meet again in November to monitor progress. But the fact that so many tax havens have signed up to information-sharing agreements in recent days suggests the threat of international sanctions was hugely significant. guardian.co.uk

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