Tax evasion: Why the crackdown comes at a cost

Reuters - Switzerland, Austria and Luxembourg all sought ways on Friday to fend off a global crackdown on tax evasion by offering concessions on bank secrecy.

BERNE/VIENNA (Reuters) - Switzerland, Austria and Luxembourg all sought ways on Friday to fend off a global crackdown on tax evasion by offering concessions on bank secrecy.

David Cameron said the government is committed to a crackdown on tax avoidance. But where does that leave tax havens like the Cayman Islands? Anthony Travers, and author Nicholas Shaxson discuss off-sure tax evasion.

The U.K. government will set out proposals to broaden the crackdown on tax evasion to benefit developing countries, setting a year-end deadline for a U.K.-led multilateral tax-information-sharing accord with emerging nations.