‘Tax Havens’ Agree to Set Up Task Force

Wealthy countries, Caribbean nations and other small nations branded as “tax havens” agreed to set up a task force to seek ways to reform offshore financial centers used by international tax cheats. The agreement came at the end of a two-day meeting in Bridgetown, Barbados, which began with small nations angrily accusing the Organization for Economic Cooperation and Development of trampling on their sovereignty and trying to dictate tax policy to them. But in announcing the task force, Barbados Prime Minister Owen Arthur said all sides agreed on the need for exchange of information and openness in the offshore financial centers’ dealings.