transcript

This text below is a phonetic transcript of a radio story broadcast by PRI's THE WORLD. It has been created on deadline by a contractor for PRI. The transcript is included here to facilitate internet searches for audio content. Please report any transcribing errors to theworld@pri.org. This transcript may not be in its final form, and it may be updated. Please be aware that the authoritative record of material distributed by PRI's THE WORLD is the program audio.

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.

Copyright ©2008 PRI's THE WORLD. All rights reserved. No quotes from the materials contained herein may be used in any media without attribution to PRI's THE WORLD. This transcript may not be reproduced, in whole or in part, without prior written permission. For further information, please email The World's Permissions Coordinator at theworld@pri.org.