The OECD Initiative on Tax Havens (CRS Report for Congress)
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| Release Date |
Revised July 29, 2010 |
| Report Number |
R40114 |
| Report Type |
Report |
| Authors |
James K. Jackson, Specialist in International Trade and Finance |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
Since the 1990s, the Organization for Economic Cooperation and Development (OECD), underthe direction of its member countries, has spearheaded an international agreement to outlawcrimes of bribery, and it continues to coordinate efforts aimed at reducing the occurrence ofmoney laundering, corruption, and tax havens. Also, the OECD is a pivotal player in promotingcorporate codes of conduct that attempt to develop a set of standards for multinational firms thatcan be applied across national borders. The OECD's work on tax havens, which initially focusedon improving transparency and exchange of information for tax purposes, has evolved into aglobal initiative to implement standards in these areas and is carried out through the GlobalForum on Transparency and Exchange of Information for Tax Purposes, which has more than 90member countries/jurisdictions. On May 4, 2009, President Obama outlined his Administration'spolicy to "crack down on illegal tax evasion" and to close loopholes. In the 111th Congress,companion legislation was introduced in the House (H.R. 1265) and the Senate (S. 506) to restrictthe use of tax havens. Some estimates indicate that tax havens cost the United States $100 billioneach year in lost tax revenues (The Christian Science Monitor, Tax Havens in U.S. Cross Hairs,by David R. Francis, June 9, 2008).Bills: H.R. 1265, S. 506
