G-20 FMs decide on steps to deal with tax havens

Finance Ministers of G-20 countries, including India, on Saturday decided to take counter measures against tax havens, particularly the non-cooperative ones, to prevent money laundering and terror financing from March next year. See pics

Finance Ministers of G-20 countries, including India, on Saturday decided to take counter measures against tax havens, particularly the non-cooperative ones, to prevent money laundering and terror financing from March next year.

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Following up on the decisions taken at the G-20 summit in London in April, the meeting decided on steps that could enable governments get information from such tax havens. See pics

A resolution adopted at the end of the meeting decided that the nations would "deliver an effective programme of peer review, capacity building, and counter measures to tackle non cooperative jurisdiction that failed to make regulatory standards, anti-money laundering/combating financing of terrorism."

The measures would also include information exchange standard, stand in ready-to-use counter measures against tax havens from march 2010, British Chancellor Alistair Darling told reporters at the end of the meeting.