France orders bank transparency, fiscal prosecutor

  • Associated Press
  • April 10, 2013 - 5:24 AM

PARIS - French president Francois Hollande is setting up a new prosecutor for financial crimes and is demanding that French banks release annual lists of all their affiliates around the world, after the country's budget minister was revealed as a tax-dodger with secret accounts overseas and forced to resign.

"Tax havens have to be eliminated in Europe and around the world," Hollande said.

Hollande also is requiring all Cabinet members to publicly release details of their income and assets for the first time as of Monday, and wants lawmakers to provide the same information.

In a country uncomfortable with wealth or open discussions about money, only the French president currently has to publicly disclose his assets.

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