Learn About Illicit Financial Flows
Key Terms

G8 Leaders Tackle Tax Havens and Global Inequality

June 13, 2013

By John Bugnacki

John Bugnacki is a Communications Intern with Global Financial Integrity.

Since the 1960s, President John F. Kennedy, the OECD, and European leaders of the G8 have all committed to tackling tax havens, with a mixed record of successful reform. However, leading up to this week’s meeting of the G8, David Cameron is calling for the organization’s leaders to commit to addressing the global shadow financial system that has allowed illicit financial flows to stream into tax havens.

In this week’s issue of the Economist, Paul Collier of Oxford University, an adviser to Cameron, argues that transparency reforms are a positive step forward for global development, “Instead of preaching to poor countries or promising to double aid, which we never did anyway, the idea now is for the G8 to put its own house in order, in ways that are good for us and also good for Africa.”

Share

Disclaimer: Unless specifically stated to be the views of the Financial Transparency Coalition, the opinions expressed on this blog are solely the opinions of the individual blogger and are not necessarily those of the Financial Transparency Coalition.

Latest Press Releases

OECD Common Reporting Standard Not Crafted with Developing Countries in Mind

Financial Transparency Coalition · July 22, 2014

On Monday, the Organization for Economic Cooperation and Development (OECD) released detailed guidelines on the common reporting standard for automatic exchange of ...

GFI Assails Disheartening U.S.-BNP Paribas Settlement

Global Financial Integrity · July 1, 2014

WASHINGTON, DC – Global Financial Integrity (GFI) expressed skepticism today that the settlement reached between ...

G8 Has Yet to Live Up To Its Promises on Tax and Transparency

Financial Transparency Coalition · June 18, 2014

G8 countries have yet to live up to the important commitments they made on tax and transparency at their Northern Ireland summit ...