Gordon Brown is spearheading a crackdown on 'tax havens' by the world's wealthiest nations.
Ahead of the G20 summit this April, Brown says he is negotiating the terms of a tough global regulatory system targeting banking and tax with other world leaders, The Guardian reports.
"We want the whole of the world to take action. That will mean action against regulatory and tax havens in parts of the world which have escaped the regulatory attention they need. The changes we make will have to apply to all jurisdictions around the world," says Brown.
While Brown has not detailed the main areas of investigation, The Guardian believes he is targeting Switzerland, while President Obama singled out the Cayman Islands in his electoral campaign.
The prime minister believes progress will be swift at the G20 summit as world leaders recognise the global economic downturn provides an opportunity to crack down on 'tax havens' and claw back billions of lost revenue.
It is estimated the world's key industrialised nations could be losing more than £100bn in tax revenues annually.
"I am more confident now, having talked to world leaders, that we are in a position to take further action on this matter," he adds.
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