The G-20 can draw up a list of countries that have less restrictive financial regulations and to impose sanctions, said British finance minister Alistair Darling, said. “As we pursue tax shelters, so we want to pursue and regulatory havens,” Darling said in an interview. “It is good for financial stability that some companies can operate from a Caribbean island and we do not know what to do,” he said. Darling’s remark, which is one of the strongest so far on the issue by the official representatives of the G-20 suggests that the group has decided to impose financial reforms around the world to reduce the risk of another crisis like the present size. From D-20 will prepare a “temporary blacklist of regulatory havens to meeting the financial ministers of the Group in November, and “gray” list of countries which also need to tighten standards.
Among the measures against countries on the list probably is a proposal to increase the cost of doing business with banks from the list.