Sarkozy, Brown push for new tax haven rules, tighter financial regulation

Sarkozy, Brown push against tax havens, regulation

EVIAN, France — The leaders of France and Britain say the countdown has begun for uncooperative tax havens to improve their transparency or face sanctions by March.

Meeting for their annual Franco-British summit in this Alpine resort, French President Nicolas Sarkozy and British Prime Minister Gordon Brown said that 2009 will be a “decisive” year in terms of financial regulation reform.

They also pledged to push for “ambitious” results out of the coming Group of 20 meeting in Pittsburgh.

Speaking after an approximately 90-minute meeting Monday, Brown said he and Sarkozy were calling for a deadline of March, 2010, for tax havens to open up, or face sanctions possibly including new taxes or a withdrawal of aid.