LONDON (AP) — Four nations were blacklisted as uncooperative tax havens yesterday after G-20 leaders declared the age of banking secrecy was over and said they would no longer tolerate shady havens draining away badly needed tax revenue.

At the request of the Group of 20 summit of rich and developing nations, the Organisation for Economic Cooperation and Development named the Philippines, Uruguay, Costa Rica and the Malaysian territory of Labuan as the worst offenders, saying they had refused to adopt new rules on financial openness.

Leaders also said nations that refuse to exchange tax information could in the future face tough sanctions — including the withdrawal of financing by the World Bank or International Monetary Fund.

"The time of banking secrecy has passed," French President Nicholas Sarkozy said following the summit. "Everyone around the table wants an end to tax havens. Everyone knows we need sanctions."

The announcement reflects mounting concern that banking secrecy in tax havens has helped to worsen the economic crisis by disguising the true value of some global assets. Anti-poverty activists say such places provide corrupt officials places to stash illicit funds, often depriving poor nations of needed resources.

The OECD has divided countries into three categories: those who comply with rules on sharing tax information, those who say they will but have yet to act and nations which have not yet agreed to change banking secrecy practices.

Switzerland and Liechtenstein, which both have strong banking secrecy traditions, said last month they would adopt international rules on tax cooperation and were ready to comply with G-20 demands.

Liechtenstein, Switzerland's tiny Alpine neighbour, said it has already met with British officials to prepare for the new standards. Monaco said earlier that it would be more transparent with foreign tax authorities. In return they were spared the fate of being blacklisted but were left in a gray area of countries - including Bermuda that still have to implement their commitment to accept new information-exchange standards.

China supported the blacklisting, but would not agree to have two territories, Hong Kong and Macau, classified as uncooperative tax havens.

Potential sanctions for transgressors include extra audits of those who use tax havens and curbs on tax deductions claimed by businesses using the territories.

In their communique, leaders said they may consider further penalties in their bilateral relations with tax haven territories.

German Chancellor Angela Merkel said Brown and President Barack Obama played a key role in pushing for a crackdown on tax havens.

At least 35 offshore tax havens are under increasing pressure to provide more information to international authorities to prevent people from evading taxes or hiding income by shifting money to such places.

Stephen Timms, financial secretary to the British Treasury, said a culture of banking secrecy had worsened global economic problems.

"That lack of transparency — that opaqueness — has contributed to the severity of the problems we are seeing in the world economy at the moment," he said.

Who got what from G20 summit?

G20 nations had set sometimes competing priorities in the run-up to the London crisis summit. Following is a rundown of how the key players fared on the issues most vital to them.

FISCAL STIMULUS

Who wanted what: The United States, Britain and Japan had been strong proponents of concerted action around the world to pump more government funds into stimulus packages; France and Germany led calls to hold off, preferring to wait for results from funds already committed.

Result: The summit set no obligation for further fiscal measures, a fact greeted with satisfaction by Germany.

MARKET REGULATION

Who wanted what: France and Germany had been the most vocal in pressing for oversight of hedge funds, a cause that Chancellor Angela Merkel had pushed even before the financial crisis. Japan had said regulation should take second place to saving the world economy.

Outcome: Clear summit commitment to extend regulation and oversight to all systemically important financial institutions, instruments and markets. Credit rating agencies will also be covered.

BEEFED UP IMF

Who wanted what: Australia, Canada and South Africa were among those making the running for a big increase in IMF lending resources; Russia, Argentina, China, India, Saudi Arabia and others argued for reforms to give emerging economies more voting clout at the Fund.

Outcome: a tripling of IMF lending funds was more than had been expected, but less was said about the rebalancing of influence that the developing countries want.

TRADE

Who wanted what: Brazil and Britain had floated a figure of $100 billion for new credit lines for international trade.

Outcome: figure of $250 billion exceeded expectations.

PROTECTIONISM

Who wanted what: Britain, United States, South Korea, Canada and India had demanded that the G20 make strong commitments to free trade.

Outcome: Summit 'reaffirmed' commitment from previous summit last year to refrain from raising new barriers to investment and trade. In practice, however, many of the G20 countries have adopted protectionist measures since the Washington summit in November to defend domestic companies.

TAX HAVENS

Who wanted what: France and Germany were again the most vocal in demanding a crackdown on tax havens.

Outcome: summit agreed to blacklist 'non-cooperative jurisdictions' and consider sanctions.

RESERVE CURRENCY

Who wanted what: China and Russia wanted to discuss a new global reserve currency as an alternative to the dollar, based on IMF Special Drawing Rights.

Outcome: Topic was not discussed, but Russia issued its own statement.