Two months ago G20 leaders pledged a crackdown on tax havens in response to the global financial crisis. But how much has changed?
Hamish Macdonald speaks to Franck Biancheri, Monaco's foreign minister, about how the principality is adapting.
A tax haven is a place where certain taxes are levied at a low rate or not at all.
Individuals and/or firms can find it attractive to move themselves to areas with lower tax rates. This creates a situation of tax competition among governments. Different jurisdictions tend to be havens for different types of taxes, and for different categories of people and/or companies.