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Liechtenstein has been removed from the Financial Action Task Force (FATF) blacklist of countries. The state was the only European country placed on last year's list of non-cooperative countries fighting against money laundering. The Bahamas, the Cayman Islands and Panama were also withdrawn from the blacklist. The decision, announced on June 22, comes after Liechtenstein took a series of measures to deal with the problems.

In a comprehensive strategy paper examining the EU's future taxation policy, the European Commission (EC) has claimed that increased tax coordination within the EU would help member states to meet the objectives of making Europe the most competitive economy in the world by 2010. However, while it believes that a large measure of harmonization is necessary in the fields of value-added tax (VAT) and excise, the EC stresses that in other tax fields, coordination does not imply tax harmonization. The statement states: ?A reasonable degree of tax competition within the EU is healthy and should be permitted.?

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Russia's lower house of parliament has approved a draft law to cut corporate profit tax by 11%, to reduce the incentive for companies to look for ways to avoid paying tax

A UN report has suggested reforms to global tax practices, including the creation of an international body to fight tax evasion

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The Philippine Securities and Exchange Commission (SEC) is urging the Bankers Association of the Philippines (BAP) and the Investment Houses Association of the Philippines (IHAP) to set up an electronic debt market for trading securities.