Midweek Roundup: U.K. Prime Minister Calls for Greater Tax Data-Sharing, China’s Underground Banks Grow, and More

U.K. Prime Minister David Cameron, who is using Britain's presidency of the Group of Eight to call for a clampdown on tax evasion, has written leaders of British offshore territories in an effort to gather support for stronger tax data-sharing arrangements, Reuters reported. "I respect your right to be lower tax jurisdictions… But lower taxes are only sustainable if what is owed is actually paid," he said, in the letters. More China's network of underground banks continues to grow even as the nation's formal financial institutions have made efforts to improve their anti-money laundering (AML) controls, Reuters reported Sunday. The...