Reflections Over the Financial Crisis and Tax Heavens Influence in Launching it

The problem of tax havens, "Finance about black holes, was revived in November 2008, during the worst financial crisis at a meeting of 17 countries held in Paris on the initiative of Germany and France. Participating countries have asked the OECD to update until mid 2009, a blacklist of tax havens, adding that Berlin called Switzerland. A previous list was published in early 2000 by the OECD. But there were only three countries - Monaco, Andorra and Liechtenstein. Some states were removed from the list over the years, after he had pledged transparency. Fearing not appear on the list updated, Belgium, Austria, Luxembourg, Switzerland, Liechtenstein and Andorra but announced last minute changes to national laws on banking secrecy. According to OECD methodology, a country must meet four criteria to fall within the tax havens. First, association with tax havens you levied level is very low, and in some cases to zero. But this criterion is not sufficient given that each jurisdiction has the right to individually set the taxes levied inside. Other criteria set forth by the OECD refers to the lack of transparency of bank operations, the existence of regulations that impede the exchange of information between governments on taxes and the absence of conditions for economic activities undertaken by some companies to be substantial. This latter criterion may reveal the intention of certain countries to attract investment based only on the opportunities offered by the tax - the so-called offshore centers.