French President Hollande Wages War against Tax Evasion

Trying to restore public trust after the resignation of Budget Minister Jérome Cahuzac, amid allegations of tax fraud, French President Francois Hollande announced today that he will work to eradicate “tax havens “ in Europe and the world, and he would step up the fight against corruption. Mr Hollande said there was “a need for a relentless battle against the excesses of money, greed and secret finance.” In order to increase transparency, French banks will be required to publish a list of all foreign subsidiaries every year, while ministers must disclose personal assets. As part of the effort, Hollande also…