The Cyprus Levy, which Chris Moncrieff obligingly calls eurozone insanity (View from Westminster, March 20), is the first attempt by financial regulators to put a stop to the super-rich exploiting tax havens.
At least a third of the value of the deposits in Cypriot banks belongs to a handful of Russian oligarchs who, with other financiers, take advantage of the nominal tax rate to launder money, which they then ship back to their own countries tax-free.
This practice impoverishes honest people around the world; but with the support – unwitting or otherwise – of so many politicians and commentators, the super-rich will continue to get away with it.
Maurice Vassie, Deighton, York.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here