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China blocks international crackdown on offshore, says European Commission President Barroso

China blocks international crackdown on offshore, says European Commission President Barroso

Sept 27, 2010 –

China is the major international power blocking a global solution to the offshore bank and secrecy problem. It is doing so because of its own secrecy jurisdiction, Hong Kong, says José Manuel Barroso, the president of the European Commission.

He said some countries hadn’t been reacting positively to efforts to change the system , to establish a level playing field.

After the meeting, I asked him why the major financial powers hadn’t been able to achieve a solution. He said the problem was “China, because of Hong Kong.”