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G-20 mulls crackdown on tax havens

A meeting of top G20 officials in London on Friday discussed proposals for a crackdown on tax havens and re-regulating frozen financial markets in an effort to prevent a recurrence of the current global credit crisis.

world Updated: Mar 13, 2009 20:08 IST
H S Rao

A meeting of top G20 officials in London on Friday discussed proposals for a crackdown on tax havens and re-regulating frozen financial markets in an effort to prevent a recurrence of the current global credit crisis.

Finance ministers and Banking Chiefs of G20 nations, including India's Deputy Chairman of the Planning Commission Dr Montek Singh Ahluwalia and the Governor of the Reserve Bank of India, Dr D Subbarao, discussed proposals for a crackdown on tax havens and re-regulating frozen financial markets in an effort to prevent a recurrence of the current global credit crisis.

The two-day meeting will draw up two or three key points to be debated at the final G20 summit at Excel in London's Dockland on April 2, where India's Prime Minister Dr Manmohan Singh will be present.

Britain's Chancellor of Exchequer, Alistair Darling, chairing the meeting of his fellow G20 finance ministers at the South Lodge Hotel in Sussex today proposed that international regulators be given power to prevent banks and other financial institutions, such as hedge funds, loading themselves up with dangerous levels of debt.

The three items on the G20 agenda are: Financial and economic bailouts, International Financial regulation and Reforming the IMF.