Drug smugglers and third-world dictators laundering ill-gotten wealth through secretive banking systems in tax havens is an anachronistic image from crime novels. Leveraging US' remarkable success in compelling tax havens to block terrorist financing, the G20/OECD have successfully persuaded tax havens to improve tax transparency and participate in an international regime of information exchange.  All tax havens have committed to OECD standards for tax transparency and are executing Tax Information Exchange...

-The Telegraph   The New York Times has reported that Wal-Mart, the US-based retail giant, hushed up an internal investigation sometime after the company was told of a bribery campaign to obtain licences and facilitate rapid expansion in Mexico. Some of the alleged instances of bribery are certain to ring a bell in India where it is not too difficult to bend rules for a price. The New York Times said its “examination...

-The Hindu The outcome of the Press Council of India's decision to challenge the Allahabad High Court gag order on reporting the movement of troops will be an acid test of how far the judiciary can go in curbing media freedoms. The court's order — which directed senior officials in the Home and I&B departments of the Centre and the Uttar Pradesh government to ensure that no news on the subject...

—New York Times News Service   Switzerland has agreed to a revised tax deal with Germany, with Switzerland to pay billions of dollars on funds hidden in its banks by German tax dodgers. The deal was the latest step in an international charm offensive that is meant to salvage at least some of Switzerland's famous banking Secrecy. The accord, which was tougher to reach after a deal in September was criticised by German...

-PTI The Department of Space has refused to share details based on which punitive action was taken against former space agency chief G Madhavan Nair and three other retired ISRO scientists, saying the matter is before the Central Administrative Tribunal. Nair immediately hit out at the DoS for maintaining "Secrecy on a topic which is so widely talked about", and termed it "unheard of and unimaginable". Under RTI, Nair had first filed an...