Ecuador’s Foreign Minister Guillaume Long will visit the Vatican Thursday to propose a global elimination of tax havens.
His visit to the Holy See will happen a week after Ecuadorean President Rafael Correa applied to the Constitutional Court for a referendum to prevent any holders of companies or capital in tax havens to be elected or public officials at all levels in a new “Ethics Pact.”
"We need an ethical economy, an economy that puts people first. Tax havens are the opposite of an ethical economy. These concentrate wealth in the hands of few and undermine development. We have therefore launched the Ethics Pact in Ecuador and we hope to advance a global debate on how we can eradicate this immoral practice," Long said in a statement.
Officials will also propose to eliminate offshore accounts at the United Nations General Assembly in September and to the G77.