The Financial Stability Forum, the global working grouping set up by the G8 after 1998's financial melt-down, has been pursuing an anti-tax-haven agenda, supposedly as part of its so far ineffective efforts to come up with a new formula to limit volatility in financial markets. Details leaked from a report compiled by Canadian bank regulator John Palmer and due to be presented to the FSF's next meeting in Singapore in February suggest that the FSF has now reached the stage of considering specific sanctions against IOFCs.
The report lists 72 centres worldwide (including the Cayman Islands and Cyprus along with Delaware in the US) which permit business practices considered to be 'negative'. Apart from 'naming and shaming', the report contains many other recommendations for possible sanctions, including the imposition of stricter capital requirements on IOFCs which are 'less fully supervised'.
Following the Singapore meeting, the report will be passed to the IMF's International Monetary and Financial Committee meeting in April. Chaired by Gordon Brown, UK Chancellor, this meeting sets the agenda for the key September IMF meeting.
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