Anchor Lisa Mullins has a quick update on a story from last week concerning "uncooperative tax havens."
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LISA MULLINS: There's just enough time now for a quick update. Last week, we told you about tax havens. We talked about the issue with Tom Cardamon, of the Center for International Policy in Washington.
TOM CARDAMON: Tax havens are places that are very low on financial regulation and very high on financial secrecy.
MULLINS: Now, we also talked about a new “black-list†of uncooperative tax havens. These are places that allow bank account holders to hide their money from tax authorities in their country of residence. The black-list was compiled by the Organization for Economic Cooperation and Development, or OECD. It said the worst offenders were the Philippines, Uruguay, Costa Rica, and a part of Malaysia. Well things have changed. The OECD says all four countries have now promised to do a better job sharing tax information. That moves them off the black-list and onto the grey list. Yes – the OECD does have such a thing. And once the four nations actually make good on their promise, they'll find a new home – on the white list.