Tax havens: 'There is more to do'

Several tax havens have agreed to open their doors to UK and European authorities.

Bermuda, the Cayman Islands, the British Virgin Islands, Turks and Caicos and Montserrat and Anguilla have agreed to share information with the UK and Europe about bank accounts in their jurisdiction.

The move aims to clamp down on tax evasion purported to happen through the islands known as British Overseas Territories.

Ronnie Ludwig, partner at accountancy firm Saffery Champness, told Today business presenter Simon Jack that it was "the interest" and "principle funds" that were not being taxed by HM Revenue and Customs.

He said that the plan was "a great start but there's a lot more to do yet".

First broadcast on BBC Radio 4's Today programme on Thursday 2 May 2013.