Hit and G-7 Members Browbeat IFIs Into Jumping on the Bandwagon

On September 25, 2000, Frances Horner, head of the OECD’s tax competition unit, said that the OECD is trying to accelerate talks with the havens in response to complaints the process is causing damaging uncertainty for the countries involved and may soon reach an accommodation with some of them. Meanwhile, the OECD member countries are continuing to apply pressure to offshore financial centers on the harmful tax competition and anti-money-laundering initiative and using their control of the international financial institutions to implement their enforcement initiatives. 1. OECD Harmful Tax Competition Initiative Horner said the OECD continued to engage in more multilateral dialogue with the havens to clarify what they needed to do to avoid the threat of sanctions. Ms. Horner said the OECD will facilitate the process of getting off the list...[more]