German Deputy Finance Minister Caio Koch-Weser told a national newspaper on Friday that the fight against international money laundering and tax evasion will be a major focus of the upcoming G20 summit in Berlin.
Writing in the Boersen Zeitung newspaper, Koch-Weser commented that tax evasion was a worldwide problem and cited World Bank figures calculating the total cost at $50 billion per year in terms of 'lost' revenues to governments.
"The abuse of the international financial system is not limited to illegal activities such as money laundering and fighting terrorism," he wrote, adding:
"It's especially problematic when countries or territories create conditions that facilitate or open the way for citizens of other countries to avoid tax."
The G20 summit will be held on 19th and 20th of November and governments are expected to agree to adhere to the OECD’s model for the exchange of tax information across national borders.
A comprehensive report on the OECD, FATF and other 'offshore' initiatives is available in the Tax News Reports Shop at http://www.tax-news.com/reportshopTags: Italy | Italy
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