| Publication |
April 2001.
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| Description |
199-211
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| Summary/Abstract |
Of 35 countries identified as tax havens by the Organization for Economic Cooperation and Development, 26 are members of the Commonwealth. States which fail to revise policies identified as harmful by July 2001 will face concerted defensive action by OECD member states and other countries. Commonwealth Finance Ministers have sought to mitigate the effects of the policy on affected member states but it is not yet clear how successful its intervention has been. The OECD's policy of 'naming and shaming' of countries, many of them small and weak with limited economic opportunities, raises legal and ethical questions, and could destroy the rationale for offshore financial centres.
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