Tax Havens

Treasury written question – answered on 27th March 2007.

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Photo of John Martin McDonnell John Martin McDonnell Labour, Hayes and Harlington

To ask the Chancellor of the Exchequer what steps his Department has taken to reduce (a) tax evasion and (b) money laundering in tax haven states.

Photo of Dawn Primarolo Dawn Primarolo Paymaster General (HM Treasury)

holding answer 23 March 2007

The Government support and promote measures that aim to reduce tax evasion and money laundering internationally. In particular, we have worked in partnership with the EU and the OECD to introduce measures that enhance transparency and exchange of information, which is the key to tackling tax evasion. Specific measures include the EU Savings Tax Directive and its framework of agreements with other countries and territories and the OECD initiative on tackling harmful tax practices.

From July 2007, the Government are taking action through the UK's Presidency of the Financial Action Taskforce (FATF—the international standards setter on money laundering and terrorist finance), to identify and tackle the most serious financial threats posed by criminals and terrorists.

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