RRI Live!

Listen to Radio Romania International Live

The IMF and the fight against tax evasion

The IMF chief, Christine Lagarde, hailed the decision of the Group of Twenty (G20) to take some measures likely to ease the countries access to information regarding the identity of the people hiding behind shell companies in fiscal havens.

The IMF and the fight against tax evasion
The IMF and the fight against tax evasion

, 18.04.2016, 13:12

Finance ministers from the G20 leading economies who gathered in Washington DC last week for the spring meetings of the International Monetary Fund and the World Bank agreed on a crackdown on international tax dogging, in the wake of the Panama Papers scandal. The Group has unanimously agreed that transparency in managing international finances is the only efficient instrument in fighting tax evasion, money laundering and the financing of terrorism. We remind you that an investigation conducted jointly by around one hundred publications worldwide has exposed the offshore holdings of an impressive number of politicians, celebrities and criminals.



These giant leaks of offshore financial records, exposing a global array of corruption and crime, have been grouped under the name of Panama Papers. Against this background, the G20 countries have agreed that secrecy around offshore companies will be lifted and an international blacklist of tax havens will be drawn up. The Group has called on the OECDs Global Forum on Transparency and Exchange of Information for Tax Purposes to take some measures, by October, which should ease states access to information on the identity of the people hiding behind shell companies in tax havens.



The IMF chief, Christine Lagarde, hailed the initiative, saying that international efforts to fight tax evasion have been constant in the past few years. Lagarde has said: The IMF very strongly welcomes and supports this new momentum to fight corruption and tax evasion… we at the IMF will question whether the technical assistance that we provide to anti-money laundering and to counter-terrorism financing can be better leveraged to identify what more is needed in terms of implementation.



According to NGOs and the media, the amounts hidden in tax havens between 2008 and 2014 exceed the GDP of Spain, Russia and South Korea put together. In Romania, authorities have decided to open an investigation into the Romanian citizens whose names are mentioned in the Panama Papers. Over 100 natural persons and companies are currently investigated.


(Translated by E. Enache)

Photo: pixabay.com
Today in the News Tuesday, 29 April 2025

Talks on magistrates’ retirement continue

The Romanian Senate has postponed by two weeks a debate on the bill amending the retirement age for magistrates and how their pensions are...

Talks on magistrates’ retirement continue
Photo: agentia media a armatei
Today in the News Tuesday, 29 April 2025

Strengthening readiness in the field of defence

In an increasingly complex geopolitical context, Romania is focusing its efforts on strengthening its defence capacity at national level, but also in...

Strengthening readiness in the field of defence
Photo: ©European Union, 2017, Source: EC - Audiovisual Service Photographer: Mauro Bottaro
Today in the News Monday, 28 April 2025

The 20th anniversary of a historic treaty

It’s been 20 years since Romania signed its EU accession treaty, which allowed it to officially become a member of the European Union on 1st...

The 20th anniversary of a historic treaty
Credits: Facebook/Sorin Grindeanu
Today in the News Monday, 28 April 2025

Additional bridges over Prut River

Romania and the Republic of Moldova will soon be connected by a new bridge over the Prut. The new bridge, for which construction works started last...

Additional bridges over Prut River
Today in the News Friday, 25 April 2025

The Environment Fund Administration gets record budget

The Environment Fund Administration this year received from the government a record budget for investments, worth over 3.2 billion euros. The money...

The Environment Fund Administration gets record budget
Today in the News Friday, 25 April 2025

Measures for the Romanian education

During Thursday’s meeting, the Romanian government discussed several laws related to education. They established the legal framework for...

Measures for the Romanian education
Today in the News Thursday, 24 April 2025

A new law on the magistrates’ pensions

There are several occupational categories in Romania whose employees are usually retiring under the age of 50 and whose pensions aren’t exclusively...

A new law on the magistrates’ pensions
Today in the News Thursday, 24 April 2025

Downward forecast revision from the World Bank

According to its latest report, the World Bank expects growth in developing economies in Europe and Central Asia to slow down to 2.5% in 2025-2026...

Downward forecast revision from the World Bank

Partners

Muzeul Național al Țăranului Român Muzeul Național al Țăranului Român
Liga Studentilor Romani din Strainatate - LSRS Liga Studentilor Romani din Strainatate - LSRS
Modernism | The Leading Romanian Art Magazine Online Modernism | The Leading Romanian Art Magazine Online
Institului European din România Institului European din România
Institutul Francez din România – Bucureşti Institutul Francez din România – Bucureşti
Muzeul Național de Artă al României Muzeul Național de Artă al României
Le petit Journal Le petit Journal
Radio Prague International Radio Prague International
Muzeul Național de Istorie a României Muzeul Național de Istorie a României
ARCUB ARCUB
Radio Canada International Radio Canada International
Muzeul Național al Satului „Dimitrie Gusti” Muzeul Național al Satului „Dimitrie Gusti”
SWI swissinfo.ch SWI swissinfo.ch
UBB Radio ONLINE UBB Radio ONLINE
Strona główna - English Section - polskieradio.pl Strona główna - English Section - polskieradio.pl
creart - Centrul de Creație Artă și Tradiție al Municipiului Bucuresti creart - Centrul de Creație Artă și Tradiție al Municipiului Bucuresti
italradio italradio
Institutul Confucius Institutul Confucius
BUCPRESS - știri din Cernăuți BUCPRESS - știri din Cernăuți

Affiliates

Euranet Plus Euranet Plus
AIB | the trade association for international broadcasters AIB | the trade association for international broadcasters
Digital Radio Mondiale Digital Radio Mondiale
News and current affairs from Germany and around the world News and current affairs from Germany and around the world
Comunità radiotelevisiva italofona Comunità radiotelevisiva italofona

Providers

RADIOCOM RADIOCOM
Zeno Media - The Everything Audio Company Zeno Media - The Everything Audio Company