France’s BNP Paribas closing offices in tax havens

France’s BNP Paribas closing offices in tax havens
AP
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First Published: Mon, Sep 28 2009. 06 56 PM IST
Updated: Mon, Sep 28 2009. 06 56 PM IST
Paris: French bank BNP Paribas will stop operating in countries considered tax havens, CEO Baudouin Prot said on Monday.
In an interview with French radio station Europe 1, Prot said BNP “will have no more activity” in countries on the “gray list” of nations that the Organization for Economic Cooperation and Development says haven’t signed on to international tax information exchange rules.
BNP spokeswoman Christelle Maldague said the decision would apply to BNP branches in Panama and the Bahamas. The bank has six branches between the two countries, another BNP spokeswoman said on Monday.
The OECD released a so-called gray list of countries earlier this year that have not signed on to international tax information exchange rules. Switzerland last week became the 12th country to accept the rules and move to the “white list.”
The OECD said on Monday the organization is not aware of any other major banks that are closing branches in countries on the “gray list.”
Prot said BNP would from now on list in its annual reports where it has activities abroad.
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First Published: Mon, Sep 28 2009. 06 56 PM IST