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| By Michael Allen |
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May 21, 1998 |
Tax Evaders
Beware: Rich Countries Prepare For Crackdown on Havens
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| Intro: |
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sun shines brightly on this colonial outpost and its serene
turquoise bay. But a financial storm is brewing, and the offshore
banking business -- from the Caribbean to the Channel Islands to
Switzerland -- may be in for a rough ride.
The world's wealthiest nations are planning a
crackdown on international tax evasion, in a move to recover some of
the hundreds of billions of dollars in assets tucked away in
offshore financial centers. |
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| Excerpt: |
"This is potentially devastating
for the British offshore territories," says
David Marchant, a
consultant and publisher of Offshore Alert, a Miami-based trade
publication. "It could well force these countries to choose between
their economic health and their continued ties to the U.K." |
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