Tax Havens

Mr. Gordon Prentice
To ask the Chancellor of the Exchequer what steps he is taking in association with his international counterparts to extend financial regulation to tax havens.

Ian Pearson
The Government's policy is to encourage all offshore financial centres to meet the highest standards of regulation and supervision, and to comply with international initiatives to eliminate unfair tax practices. To this end the Government have been working with international organisations such as the Financial Stability Forum, the Financial Action Task Force, the OECD, and also with EU partners.