MUMBAI: While international pressure is mounting on offshore banks to relax secrecy rules, the Vatican, the seat of the Catholic Church, wants
all offshore tax havens to be closed. The official statement from the Vatican, called an encyclical, is expected to ask for a closure of such tax havens. The encyclical is scheduled to be released on March 18 by Pope Benedict XVI.
The Catholic Church periodically issues the encyclical on various issues it is concerned with. It had planned to come out with an encyclical on tax havens last year, but postponed the date following a decision to do a thorough research on global economics and the reasons that have led to the current slowdown....
