Mr. Simon Murtagh:

We covered many of those points. On technical barriers, we looked at the OECD processes, which are now including a common reporting standard and are covering a huge amount of international wealth as it is traded. I can follow up with the statistics on that. In America, there is the Foreign Account Tax Compliance Act, FATCA, which is the financial transactions tax. Because of the capacities of electronic bank data transfer, they can not only work out what US citizens are due to pay abroad but also prevent them from allowing repatriation of wealth of more than $2 million. There are steep fines. In a sense, that question of capital flight is answered by the question the Deputy asked. We have the tactical means to stop it through border taxes. If a US citizen renounces citizenship to evade taxes, there are steep fines for that as well. That is the technical base for it.

I would like to bring in Dr. Killian on those questions, which really are her area of expertise. I can certainly talk to the Deputy afterwards about all those questions.