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IOSCO Seeks Talks With Offshore Centres On Information Exchange

by Glen Shapiro, LawAndTax-News.com, New York

16 December 2004


The International Organisation of Securities Commissions (IOSCO) announced this week that it intends to begin talks with offshore financial centres in early 2005, with a view to securing their cooperation in investigating cross-border violations of securities laws.

Speaking to the Financial Times, joint chairman of a specially created IOSCO task force and SEC commissioner, Roel Campos explained that there could be severe consequences for those finance centres which refuse to cooperate with the securities industry body, announcing that:

"IOSCO members believe we need to work with these havens and show them the error of their ways, or essentially seek to ostracise them, and any company that seeks their refuge will also be subject to the world's disdain."

According to the FT, Mr Campos also called for more of the Organisation's 105 member countries to sign up to its memorandum of understanding on information exchange. Currently, only 26 member states are signatories to the agreement.

A comprehensive report in our Intelligence Report series examining offshore confidentiality is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report1.asp

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