Abolish every tax haven in the world, says French socialist president Francois Hollande Mr Hollande said that all French banks must declare foreign subsidiaries He added that a financial agency would be set up to fight corruption The plans are part of a draft law aimed at increasing transparency in France Mr Hollande's presidency has been rocked by a recent tax scandal French President Francois Hollande has called for the 'eradication' of tax havens in a bid to fight fraud and corruption. Mr Hollande told French banks that they must declare any foreign subsidiaries each year as he presented a draft law drawn up in response to the country's recent tax scandal. The president said that a new specialised agency would be set up as part of the new law which is part of a drive to increase transparency. Outspoken: French President Francois Hollande has called for all tax havens to be 'eradicated' as part of a crackdown on corruption From next Monday, all ministers most disclose their assets to the government, announced the French Socialist government earlier. Mr Hollande told a press conference today: 'I won't hesitate to consider as a tax haven any country that refuses to co-operate fully with France.' He added that banks will have to explain the nature of their business publicly. He said: 'In other words it won't be possible for a bank to hide transactions carried out in a tax haven.' Probe: French ministers have to declare assets after former French Budget Minister Jerome Cahuzac admitted having offshore assets The proposed strict new rules follow a confession by Jerome Cahuzac that he 'lied to the president' about dodging tax has sent shockwaves through the deeply unpopular socialist administration. The former budget minister admitted last week that he had hidden around 600,000 euros (£509,000) in a Swiss bank account. His admission saw him expelled from the Socialist Party. The scandal has rocked Mr Hollande's presidency. The French President had pledged to crack down on tax dodging but the Cahuzac scandal has seriously damaged his popularity.