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French President Francois Hollande today vowed to "eradicate" tax havens "in Europe and the world" as he pursued anti-corruption efforts in the wake of a tax-fraud scandal.
As part of the effort, Hollande said that French banks would be required to declare all of their subsidiaries around the world.
He also announced the creation of a special prosecutors' office to pursue corruption and tax-fraud cases, as well as a new government authority to monitor the assets and potential conflicts of interests of ministers, parliamentarians and other senior elected officials.
Hollande said there was "a need for a relentless battle against the excesses of money, greed and secret finance."
"Tax havens must be eradicated in Europe and the world because this is a condition of saving jobs," Hollande said.
"French banks will be required to every year make public the list of all their subsidiaries everywhere in the world, country by country," and will be required to "declare the nature of their activities," he said.
"I will not hesitate to consider any country that refuses to fully cooperate with France as a tax haven," he said.
