URUGUAY WANTS TO reform its banking secrecy laws so that the Organization for Economic Cooperation and Development removes it from its grey list of tax havens, a sign of the declining importance of offshore banking to the country and the robust growth of many other industrial sectors.
This small, beautiful Latin American nation, with a population of 3.3 million, has one of the fastest-growing economies in the region and attracts a healthy rate of foreign direct investment as a percentage of GDP. The economy, which was worth $31.5 billion last year, grew by 10.4% in the second quarter of 2010. Local analysts are now forecasting that it will grow by more than 7.5% in the year as a whole. It expanded by 6.1% a year between 2004 and 2009 and was one of the countries in the region least affected by the international financial crisis. Inflation is at 6.25% and...
