[video] Tax Havens

Author: Hamish McDonald, Al Jazeera English, Published on: 26 August 2009

Governments around the world lose hundreds of billions of dollars every year in unpaid tax, money that is often desperately needed for essential public services and ensuring economic growth...A few months ago in the midst of the global economic meltdown, world leaders decided to crackdown on tax havens, countries whose lax financial regulations make tax evasion possible...[earlier this year Swiss bank UBS agreed to a multimillion dollar settlement with America, after admitting that it allowed thousands of US clients to use Swiss bank accounts to evade taxes.]

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Related companies: UBS