On March 18th, The Encyclical, released by the Vatican, is expected to demand the closure of all tax havens.
Past Vatican papers have blamed Offshore Banking for its contribution to poverty. The Vatican believe, if taxed at source these funds could be much better placed in helping these underdeveloped countries
The encyclical has been long awaited as it was postponed last year in order to conduct further research into the reasons for the financial crisis.
