French Banks to Shut Operations in Tax Havens, Others Likely to Follow

By Brian Monroe and Larissa Bernardes

France's decision to shut down French banks in jurisdictions on an international tax haven blacklist will likely be mirrored by other countries, according to tax analysts. France's largest banks have agreed to begin closing down their subsidiaries and branches in countries that don't act by March to be removed from the tax haven blacklist maintained by the Organisation for Economic Co-operation and Development (OECD), Francois Perol, vice president of the French Banking Federation, said in a statement issued Thursday. Jurisdictions that wish to avoid the closures will also be required to sign an information exchange convention with France, said Perol....