West Africa's New Tax Haven

As West Africa emerges as transit point for shipment of cocaine from South America to Europe, Ghana has combined with Barclay's bank to establish a tax haven.

Barclay's has been working with Ghana's government to establish the tax haven since 2005. Other banks may join Barclays later this year.

Ghana's new tax haven laws provide for minimal financial disclosures.

Tax haven countries are frequently associated with money laundering.