France gets tough on offshore money
French banks will have to publish information about their activities in offshore centres in their annual reports, as the Sarkozy government intensifies its activities against undeclared money in tax havens.
The move comes after the French government approved last week the merger of Caisse d'Epargne and Banque Populaire, creating the second largest bank in France.
The French government is expected to pressure other countries to follow their example and push for greater disclosure at a meeting of Group of 20 ministers in Berlin next week.
Last week, France signed a new tax exchange agreement with Switzerland, allowing the French authorities to conduct investigations in offshore bank accounts held in Switzerland by its citizens who they expect are guilty of tax evasion.
France also moved last month to effectively grant a tax amnesty to those who have stashed untaxed money in offshore accounts.
A special unit has been set up in the Budget Ministry to deal with voluntary disclosures.
del.icio.us
Digg
Newsvine
reddit
StumbleUpon