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Vol 2 (AAC) No 5

Published 1st March 2009


Banking on secrecy

Finance ministers will come under heavy pressure at the G-20 meeting on 2 April in London to crack down on tax havens and the banking secrecy regimes that have facilitated so much capital flight from developing countries to Western jurisdictions. In the short term, Asia's banks and financial systems are likely to be the beneficiaries. UBS and Credit Suisse are relocating their private wealth operations to Asia, where due diligence is a regulatory requirement but is often not enforced.

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