French President Hollande declared war on tax havens and force ministers to reveal holdings

French banks will have to prove every year, a list of all foreign subsidiaries. Law moralization of politics, announced today, also included disclosure of ministers' assets.

The French president, François Hollande, wants to "eradicate" tax havens, why will force banks to disclose French subsidiaries that hold outside the country.

 

"It will not be possible for a bank to conceal transactions in a tax haven," said Hollande at a press conference held this Wednesday, April 10, quoted by Reuters.

 

According to the president of France, the French banks will be forced to every day, publish a list "with all subsidiaries worldwide, country by country." "And will indicate what they are doing there," he asserted. The aim is to "eradicate tax havens in Europe and the world."

 

Paris reacts well to the scandal surrounding the former budget minister, Jérôme Cahuzac, who resigned after allegations that held accounts in Switzerland over which have been lying.

According to the "Financial Times", France will be a list of tax havens - countries that do not cooperate in providing data on the French are included in this set of countries. "This should be the norm in Europe, so that we can put an end to banking secrecy and concealment of assets." Even today, Luxembourg announced that, from 2015, will start the automatic exchange of data on bank accounts now under bank secrecy.

 

Assets of ministers will be public

 

This measure is part of the law of the moralization of politics, presented today by Hollande and discussed in the council of ministers on 24 April. The law is, according to "Le Figaro", based on three axes: beyond the eradication of tax havens, Hollande included the fight against tax fraud and corruption and transparency about the assets of elected political representatives.

 

For disclosure of assets of elected politicians, will create an authority responsible for controlling the declarations of interest for government officials, MPs and local leaders. This Monday, each minister must now disclose their assets.

 

In what concerns the last axis of the plane of the French government will create an agency responsible for investigations involving exceptional corruption and tax evasion.