For the first time a French government representative speaks publicly the need to fight against the trusts, the legal mechanisms used to hide behind fictitious money in tax havens legally. He joins one of the demands of the campaign Hold-up: making the fight against tax havens is not limited to demand the lifting of bank secrecy. François d'Aubert goes even further: it also requires more transparency on the nature of activities that banks maintain in tax havens. In our press release published yesterday, we had asked France to bring these two topics at the Conference Berlin, which was held June 23 The debate was launched on users havens. INTERVIEW - François d'Aubert is charged with a monitoring mission at Bercy on tax havens.
LE FIGARO. - Tuesday, ministers of the Budget can be found at the initiative of Paris and Berlin to take stock of progress in the fight against tax havens. Where are we?
François d'Aubert. - This is progressing well and quickly. There is a strong willingness on the part of States to comply with OECD standards. This commitment will result in the two months since signing numerous bilateral tax treaties with the territories of the gray list. Please note that membership came from countries far very reluctant, like Luxembourg and Switzerland. The authorities refused to provide any information unless proven fraud or money laundering, will meet tomorrow to claims based. The failure of France to have signed new agreements with Switzerland and Luxembourg is a milestone. With the Channel Islands, Belgium and Singapore, Switzerland and Luxembourg focus the bulk of the tax evasion of French origin.
Why Switzerland, so attached to its sacrosanct banking secrecy, she capitulated? Under pressure G20?
crisis leads to a requirement of regulation and moral circumstances surrounding the fight against tax havens, no state can remain indifferent to the overall pressure on pain of isolation and reputation tarnished. Offshore centers, tax havens and other jurisdictions are deregulated in the crosshairs of public opinion because they concentrate financial opacity and complexity. They are at the foot of the wall. They should respond positively to the pressure of the G20. The personal commitment of President Obama, the momentum generated by President Sarkozy and German Chancellor Merkel weighed. The business of UBS and Liechtenstein too.
The question of trusts and other sophisticated structures is currently ignored. Is this the next step?
Once ratified, these agreements must be implemented and used effectively. At the same time, we must tackle the shell companies, trusts and other offshore centers specialties whose opacity facilitates both fraud and money laundering that the ultra-sophisticated arrangements. For trusts, it will take at least the identity of the recipient is still accessible as an essential condition to be credible in terms of transparency. But this means taking into account additional criteria by consensus, an assessment of each country and the continuous updating of blacklists.
President Nicolas Sarkozy has asked banks to be more transparent. Do they play the game?
The demand for transparency is especially strong for the banks but also for groups who use tax havens. Today it is quite inadequate for these subsidiaries housed in non-cooperative jurisdictions. Of course banks have to provide relevant information to their customers, their employees, their shareholders on their offshore subsidiaries, by country and profession. The French parliament has to vote elsewhere accurate reporting obligations.
Tuesday's meeting will cover such possible sanctions. Do you have any leads?
the last G20, it was decided that sanctions and cons-concerted measures should be taken. Proposals are put forward which would aim at the same time discourage companies and banks to establish themselves and to limit capital flows. Tax benefits could be suspended, for example, deductions for expenses on activities in these territories. Alternatively, increase the rate of withholding under the Directive European savings.
Bercy opened a window for the repentant tax. Are there any concrete results?
Tax avoidance will become increasingly risky and many people realize. The new system is proceeding smoothly. Services Department received thirty inquiries a day and some negotiations are already underway.
Interview by Anne Cheyvialle for Le Figaro
(Source Le Figaro: http://www.lefigaro.fr/impots/2009/06/22/05003-20090622ARTFIG00320-francois-d- Aubert-it-is-now-s-attack-to-FVC-and-for-trust-.php )
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