LONDON – The Latest on the international meeting on corruption being held in London (all times local):
There’s a lot of talk at a London anti-corruption summit about making island tax havens more transparent. British territories including the Cayman Islands and Jersey have agreed to draw up lists of who owns companies registered there.
But Allan Bell, chief minister of the Isle of Man — a British Crown dependency in the Irish Sea — says there won’t be real progress “unless the United States joins in this international agreement” and makes its own tax havens, such as Delaware, more open.
This month the Obama administration announced a set of financial regulations that would force companies to disclosure more information about their owners, part of an effort billed as a crackdown on tax evaders and money launderers.
Bell says “we need actions, not fine words.”
U.S. Secretary of State John Kerry says corruption is a global “pandemic” and as big a threat to nation states as terrorism.
Kerry has told an international anti-corruption summit in London that as the United States’ top diplomat, “I’ve been shocked by the degree to which I have found corruption pandemic in the world today.”
He says that “corruption writ large is as much of an enemy, because it destroys nation states, as some of the extremists we’re fighting.”
British Prime Minister David Cameron has gathered leaders, civil-society groups and representatives of banks and financial institutions at Thursday’s conference with the goal of producing a strong global declaration against financial wrongdoing.