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Press watch: ‘Osborne cracks down on Caymans’

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‘George Osborne is finalising measures to clamp down on two of the world’s most notorious tax havens.

‘George Osborne is finalising measures to clamp down on two of the world’s most notorious tax havens. Under tough anti-evasion measures being drawn up by the Treasury, banks in the British Virgin Islands and the Cayman Islands will be forced to reveal details about customers suspected of hiding money offshore.

‘The Caribbean islands are among the world’s main offshore financial centres. More than 1m offshore companies are registered in the British Virgin Islands alone, even though the total population is just 30,000.

‘“The places you can hide are getting smaller and smaller,” Osborne said this weekend at the European finance ministers’ summit in Dublin. “We are in advanced stages of discussion [with the two territories]. They are in no doubt about what we expect,” he added.

The Sunday Times, 14 April 2013

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