Tough sanctions on tax havens

French president Nicolas Sarkozy has hailed the decision of G20 leaders to impose tough sanctions against nations refusing to release tax information.



The decision was made at the G20 London summit yesterday.



In their final communiqué the leaders declared that tax havens would no longer be tolerated.



They also concluded that there is no direct link between the current global economic crisis and tax havens.



However, it is thought that banking secrecy in tax havens has helped to make things worse by disguising the true value of some global assets.