In a blow to tax evaders and financial fraudsters everywhere, 50 countries signed an international agreement against banking secrecy at a recent summit in Berlin. Some $7.4 trillion is hidden away in tax havens, meaning billions of lost revenue for governments each year. In a sign that tax dodgers' days are numbered, signatories include notorious European tax havens Luxembourg, Lichtenstein, Austria and Switzerland.
The controversial coal port due to be built near the Great Barrier Reef in Australia is looking less likely to succeed, as major US banks confirm non-investment in the project. Big names such as Goldman Sachs, Morgan Stanley and JPMorgan Chase are joining European banking giants Deutsche Bank and Barclays in saying ‘no’ to investments with Adani, the Indian mining group, because the coal port could damage the threatened reef.
