Tax Haven Black List Targeted by World Leaders

The Organization for Economic Cooperation and Development (OECD) has published its blacklist of non-cooperative tax havens.

Costa Rica, Malaysia, the Philippines and Uruguay are the countries listed as not having agreed to tax standards.

The list is part of efforts agreed at the G20 summit to clamp down on havens.

There is also a list of 38 places that have agreed to improve standards but not yet done so, such as Gibraltar, Liechtenstein, Andorra and San Marino.

On Thursday, G20 leaders agreed to take sanctions against tax havens using the OECD list as its basis.

In their communique, they agreed, "to take action against non-cooperative jurisdictions, including tax havens".

"We stand ready to deploy sanctions to protect our public finances and financial systems. The era of banking secrecy is over," they concluded.

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