The UN Calls for a Global Effort to End Offshore Tax Evasion

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The United Nations is calling for an end to tax evasion through the use of offshore schemes, especially as the UK allegedly continues to protect its territories (former colonies, infamous offshore centres) therefore preventing financial transparency.

The US also refused to participate in international initiatives to combat financial secrecy, however the US has its own approach, imposing financial sanctions on foreign financial institutions that refuse to disclose information about taxpayers in the United States according to FATCA legislation.

Since countries are not openly taking actions to stop tax evasion on a voluntary basis, the UN wish to hold a global convention on ending financial secrecy.