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BUSINESS INFORMATION -French Bank Unit Close in Tax Free State
All French banks will begin to take steps in March to close the branches and subsidiaries in countries that are considered tax free (tax haven) by the OECD, deputy head of the French banking federation said Thursday.
"Bank of France has taken the decision to commit to closing the subsidiary companies and their branches in the gray list of the OECD in March 2010," he said after meeting with French President Nicholas Sarkozy.
Countries in the gray list, compiled by the Organization of Economic Cooperation and Development (OECD), has taken steps to increase transparency of banking and tax data but not yet fully meet the OECD standards.
Perol said the decision by French banks "suggest that ... things change and change fast."
Summit the leaders of the Group of 20 developed and developing countries recently agreed to impose sanctions from March to countries deemed uncooperative in sharing of tax information.
French banking giant BNP Paribas on Monday announced plans to close its subsidiaries in countries that are still in the gray list of the OECD.
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