G7 leaders vow tax haven crackdown

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European leaders at the G7 meeting are preparing a united front against 'tax haven' abuse ahead of the G20 summit on 2 April.

German chancellor Angela Merkel urged for sanctions to be drawn up to punish tax havens, according to a local Isle of Man newspaper. Leaders of Britain, France, Italy, Spain, the Netherlands, Czech Republic and Luxembourg plus the European Commission president, finance ministers and European central bankers attended the meeting. The summit also proposed a list of 'uncooperative' jurisdictions to be collated by 2 April but preferably by the next meeting of EU finance ministers on March 10. Gordon Brown has allegedly singled-out Switzerland as the focus of his tax haven crackdown. Isl...

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