OECD ponders action against tax havens

SWITZERLAND - Switzerland and Luxembourg could face financial sanctions if they continue to refuse to commit themselves to an international initiative against harmful tax practices.

The Organisation for Economic Co-operation and Development is considering what sanctions can be applied by the body's member countries if Switzerland and Luxembourg maintain their unco-operative stance.

The OECD yesterday named and shamed seven tax havens that are unwilling to co-operate on improved financial

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