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U.S. Lawmaker Calls for a “System of Sanctions” Against Banks That Aid Tax Evasion
By Colby Adams
printThe head of the Senate's powerful Permanent Subcommittee on Investigations is pushing for the establishment of international agreements to penalize banks known to help tax evaders. The proposal by Sen. Carl Levin (D-MI) calls on governments to create a "system of sanctions" that would potentially prohibit financial institutions from dealing with tax havens and other banks that facilitate tax abuse. Levin has written President Obama, asking him to push the plan with the Group of 20, the lawmaker said in a speech Wednesday. Such a "lock-out approach," implemented in a manner similar to that proposed in Levin's Stop Tax Haven...
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