Offshore financial centres must "respond positively" to the joint demands of the G20 countries in order to stay competitive, according to the interim Foot Review.
It says there is "undoubtedly strong political pressure" in favour of international action to address harmful tax practices following the G20 summit earlier this month, and urges the centres to take note. "Meeting regulatory standards is not only important for the integrity of the financial system, but also for attracting financial services business from centres which are unable to do so," Foot says in his review into Britain's Crown Dependencies and Overseas Territories. "It will be important for the financial centres covered by the review to be able to respond positively to the emergi...
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