French PM calls for ban on offshore banking - Spear's Magazine

French PM calls for ban on offshore banking

François Fillon, French Prime Minister, is calling for offshore centers to be closed down in an attempt to control what the next possible financial dilemma.

French Prime Minister François Fillon has joined Liberal Democrat Treasury spokesman Vince Cable in calling for offshore centres to be closed down. As a result the French government will bring together 20 colleagues of the EU in Paris on October 21, in the framework of the OECD, to elaborate a common response against offshore banking and tax evasion.  

Fillon pointed to the role of funds and offshore banking in the the current global crisis and predicted that offshore banking and over the counter (OTC) derivatives trading could become the next domino threatening the entire financial system. 

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