The possible use of Hong Kong as a safe haven by individuals evading sanctions from multiple jurisdictions further calls into question the transparency of the business environment, said a U.S. State Department spokesperson in a statement.
Prime Minister Narendra Modi today made it clear that effective financial governance requires "full commitment" to act against the corrupt and elimination of "safe havens" for economic offenders as he called on G20 members to break down the web of excessive banking secrecy.
Emerging markets have been hit very badly, but the feature of this recent financial market turmoil is that everything has fallen; safe haven assets, government bonds etc have fallen, corporate bonds, equities have fallen and commodity prices are falling as well