which ensure the anonymity of the final beneficiary

"The United Kingdom, the Sweden, Denmark, Malta and especially Cyprus would pull the ear in transparency and cooperation. In Switzerland, the obligation of secrecy of the banker is enshrined in the Federal law on banks. It has endured a serious knife under the threat of us tax, the IRS (Internal Revenue Service), withdraw his approval to UBS in the United States if it did provide him the list of 300 customers suspected of fraud. The Bank eventually comply. Another application for this time on nationals 52,000 Americans could reach him. The turn is size. Because, generally, to access banking information in these financial fortresses, judges meet serious obstacles. "The Luxembourg or Switzerland, a bank must identify the true beneficiary of an account open a perfectly opaque offshore company." "But the Bank the remains in the greatest secrecy at the bottom of its drawers", note the judge Renaud Van Ruymbeke. "In Asia, especially in Singapore, the hypocrisy reaches its peak." Sought in criminal investigations, the local authorities themselves ready to cooperate, says another judge of instruction. But, in the judicial convention absence between Singapore and the France, need them prior agreement of the holder of the bank account, to lift banking secrecy!

The faults of the Act

In the current legislative arsenal, there is a way around the banking secrecy. For example, these are the fiscal agreements signed between two countries. "In return for the lifting of bank secrecy in the Qatar, this Emirate nationals see their real estate capital gains exempt their assets held in France," stresses Jean Arthuis, Chairman of the Senate Finance Committee. At the European level, the savings directive obliges Member States to exchange information on interest payments on investments made by non-residents. But it is limited to the bonds held by the only physical persons in the countries of the European Union. Imagine coupons bond seen in Spain or the Portugal by a taxpayer residing in France. They will pass under the fork admit defeat of the French tax authorities. To escape this taxation, private investors hide behind structures (foundations, trusts...), which ensure the anonymity of the final beneficiary. "To avoid the loss of tax revenue, the proposed reform of this directive adopted last February includes corporations such as foundations and even the contracts of the type trusts", says François Terray, former international lawyer. This reform also expands the scope of the directive to the actions and life insurance. And, above all, it aims to end overriding regimes of three member countries of the European Union: the Luxembourg, the Belgium and the Austria. And, by extension, of the Switzerland. Automatic taxation of investment products is therefore synonymous with immediate communication to the tax authorities of the bank accounts opened by its nationals in another European country.

Hypocrisy dominates

Even if the European Union is going to tax household in his breast, it will be difficult to avoid a rapid and massive capital transfer to exotic, more discrete skies. The Bahamas, Hong Kong and Singapore could reap some of the manna. And, on the old Continent, the weapon of the unemployment of the financial market of Luxembourg is regularly brandished by the Grand Duchy and even Moselle policies. Of course, the election of Obama is a real hope in the fight against tax havens. Remains whether there is a genuine political commitment at the international level to carry out this long-term battle. No doubt, the meeting of the G20 in London will be a good test. "Small States without economic and military power are able to impose their laws and their lack of transparency of large States, which are probably an interest analysis Renaud Van Ruymbeke, judge training." Until now, the great powers rather demonstrated hypocrisy, to mere statements of intent to this global problem which requires international regulation. "Of the similar story, beyond the Alps. "These formally launched offensives to remove tax black holes in the world is not a novelty." The current war is rather like a diversionary manoeuvre, to forget the real problem of the financial crisis, fears Bernard Bertossa, former Attorney General of Geneva. And even if the g-20 takes of the subject, I doubt that Britain, for example, really has the will to cooperate in the fight against tax evasion (1). "The other side of the channel, the effect remains dense fog. "In the United Kingdom countries assumed cooperative, the City of London, first European financial centre, remains impermeable to the disclosure of bank information", says an expert.

In this game of giving-giving, part looks so very tight. "Tax havens do not disappear by a stroke of magic wand." "And even if they cooperate more among themselves, countries can perfectly retain different taxation", concludes Daniel Lebègue. It is not question to harmonize taxes, but only to be transparent.