At that time, Andorra, the Principality of Liechtenstein, and the Principality of Into banks in Liechtenstein, taking advantage of Liechtenstein-based trusts to evade paying taxes ![]() Investigation in 2008 in Germany involving 600-700 German citizens reportedly funneling funds Two high-profile cases focused attention on the use of tax havens. Some estimates indicate that tax havens cost the United States $100 billion each year in lost tax revenues (The Christian Science Monitor, Tax Havens in U.S. In the 111th Congress, companion legislation was introduced in the House (H.R. On May 4, 2009, President Obama outlined his Administration’s policy to “crack down on illegal tax evasion” and to close loopholes. Also, the OECD is a pivotal player in promoting corporate codes of conduct that attempt to develop a set of standards for multinational firms that can be applied across national borders. ![]() ![]() In addition, the OECD, under the direction of its member countries, spearheaded an international agreement to outlaw crimes of bribery, and it continues to coordinate efforts aimed at reducing the occurrence of money laundering, corruption, and tax havens. Since the 1990s, the Organization for Economic Cooperation and Development (OECD) has pursued the issues of bribery and tax havens, resulting in changes to certain U.S. Jackson, Specialist in International Trade and Finance
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