Identifier
Created
Classification
Origin
07RIGA179
2007-03-09 05:13:00
UNCLASSIFIED
Embassy Riga
Cable title:
Latvian concerns on proposed bill on tax havens
VZCZCXYZ0012 RR RUEHWEB DE RUEHRA #0179 0680513 ZNR UUUUU ZZH R 090513Z MAR 07 FM AMEMBASSY RIGA TO RUEHC/SECSTATE WASHDC 3847 INFO RUEATRS/DEPT OF TREASURY WASHDC
UNCLAS RIGA 000179
SIPDIS
SIPDIS
E.O. 12958: N/A
TAGS: ECON KCRM PREL LG
SUBJECT: Latvian concerns on proposed bill on tax havens
On March 7, Latvian MFA U/S for economic affairs Maija Manika
convoked pol/econ chief to register Latvian concerns on legislation
recently introduced in the Senate designed to end abusive tax havens
(other topics of meeting covered septel). Manika said that Latvia
was especially concerned about the legislation's proposed
designation of Latvia as an "offshore secrecy location." Presenting
a non-paper on the subject (e-mailed to EUR/NB),Manika said that
Latvia was proud of recent work to clean up its banking sector and
bring it in line with OECD, IMF and UN treaty standards. Manika
said that Latvia recognized that this was a legislative branch issue
and the Latvian Embassy in Washington would be approaching the
offices of the legislation's sponsors, but wanted to make the
Embassy aware of Latvia's strong concerns that the legislation
unfairly portrays Latvia's financial sector in a negative light.
Pol/econ chief noted that Manika was correct that this was a
legislative prerogative, but agreed to report Latvia's concerns back
to Washington.
Antweiler
SIPDIS
SIPDIS
E.O. 12958: N/A
TAGS: ECON KCRM PREL LG
SUBJECT: Latvian concerns on proposed bill on tax havens
On March 7, Latvian MFA U/S for economic affairs Maija Manika
convoked pol/econ chief to register Latvian concerns on legislation
recently introduced in the Senate designed to end abusive tax havens
(other topics of meeting covered septel). Manika said that Latvia
was especially concerned about the legislation's proposed
designation of Latvia as an "offshore secrecy location." Presenting
a non-paper on the subject (e-mailed to EUR/NB),Manika said that
Latvia was proud of recent work to clean up its banking sector and
bring it in line with OECD, IMF and UN treaty standards. Manika
said that Latvia recognized that this was a legislative branch issue
and the Latvian Embassy in Washington would be approaching the
offices of the legislation's sponsors, but wanted to make the
Embassy aware of Latvia's strong concerns that the legislation
unfairly portrays Latvia's financial sector in a negative light.
Pol/econ chief noted that Manika was correct that this was a
legislative prerogative, but agreed to report Latvia's concerns back
to Washington.
Antweiler