Industrial countries have stepped up their campaign against tax havens, publishing their third tax haven hit list in a month and this time adding the threat of sanctions for those refusing to clean up their act.
The 29-member Organisation for Economic Co-operation and Development (OECD) yesterday published a list of 35 territories, including British, French and US-linked territories such as Gibraltar, Monaco, and the Virgin Islands, which it said were guilty of practising harmful tax practices.
Among the Asian centres singled out were Niue, and the Cook Islands - which have allied themselves to New Zealand - the Maldives, Nauru, Samoa and Tonga.
For small principalities such as Liechtenstein, the move was a double blow as was named in a previous OECD report for not stamping out money laundering.
The four-year study is the result of an in-depth analysis by the OECD into the complex legislation and practices of tax havens worldwide.
Many locations, such as Bermuda - which was also named - are often used by companies to gain important tax advantages.