Starting small

August 3, 2009

At least one country is grabbing the bull by the horns and pledging a radical overhaul of its financial system.

“The world is asking for more transparency, higher standards, more controls, more precise rules, “ notes the chairman of this nation’s central bank.

Alas, the country is the tiny, landlocked tax haven of San Marino (population: 30,792)

Biagio Bossone, chairman of the republic’s central bank, said in an interview with Deepa Babington of Reuters that changes are coming to the San Marino financial system as it copes with pressure from the Group of 20 Nations to help stop tax evasion, as well as a money-laundering scandal.

“The real issue is to be ready to overcome this phase of emergency. … with a financial model that is transparent and offers value-added services,” Bossone told Reuters.

Well, it’s a start.

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