#PanamaPapers aftershocks: G20 to prepare tax havens blacklist by July 2017

The Panama papers scandal prompted G20 Finance Ministers and Central Bank Governors to prepare a blacklist of countries not participating in the fiscal information exchange by the next meeting in July 2017, according to a Russian official.

G20 Finance Ministers and Central Bank Governors will prepare a blacklist of countries not participating in the fiscal information exchange by the next meeting in July 2017, Russian Deputy Finance Minister Sergei Storchak said Sunday.

“G20 has decided to tackle non-cooperating jurisdictions seriously…the idea is implemented in the development of criteria by which a given economy will be assigned the status of a non-cooperating jurisdiction. The list must be ready by the next summit,” Storchak told journalists following the G20 Finance Ministers and Central Bank Governors meeting on July 23-24 in China’s Chengdu.

The idea to punish the countries refusing to cooperate on the issue of tax information exchange has been put on the G20 agenda after the so called Panama files have been published.

In April, the German newspaper Sueddeutsche Zeitung exposed the alleged involvement of wealthy and influential people, including a number of former and current state leaders, in offshore schemes by publishing materials it claimed came from Mossack Fonseca, a Panama-based law firm specializing in offshore companies.

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Mossack Fonseca did not validate the information contained in the leaks but accused reporters of gaining unauthorized access to some of its proprietary information.