April 3, 2009

Reuters

WASHINGTON, April 3 /PRNewswire-USNewswire/ 4:39pm EDT-- Nine civil society groups, including the Center for Corporate Policy, Christian Aid, Global Financial Integrity, Global Witness, Government Accountability Project, Maryknoll Office for Global Concerns, New Rules for Global Finance Coalition, Oxfam America, and Tax Justice Network USA issued a joint statement today in reaction to yesterday's G20 meeting and issued communique.

The statement reads: We note favorably the declaration by G20 leaders that "the era of banking secrecy is over." We also note, however, that the existing "international standard for exchange of tax information" is reaffirmed.

The current standard is weak, requiring only responsiveness from authorities in one jurisdiction to authorities in another jurisdiction for information based on a thoroughly documented case of the need for such information.

The unfinished business of the G20 revolves around the issue of transparency. Regulation withinthe shadow financial system will not be effective. Transparency is a necessary first step to curtail the shadow financial system.

The full statement may be viewed here and is also available upon request.

To obtain a copy contact Monique Perry Danziger at This e-mail address is being protected from spambots. You need JavaScript enabled to view it or call 202-293-0740.

Source: Global Financial Integrity

Monique Perry Danziger of Global Financial Integrity, +1-202-293-0740, This e-mail address is being protected from spambots. You need JavaScript enabled to view it

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