George Osborne has called for the creation of an international blacklist of tax havens and for the global community to deploy clear sanctions against any country – including British overseas territories and crown dependencies – that continue to facilitate tax evasion.

The chancellor on Friday called on other world leaders at the International Monetary Fund’s spring meeting in Washington to join Britain in creating a globally recognised list of jurisdictions that are still allowing the rich and powerful to avoid paying their fair share of tax.

He said the creation of the blacklist, which was inspired by the release of the Panama Papers detailing the tax avoidance of the world’s rich and powerful, would be a “clear threat” with “clear sanctions” to countries that continue to fail to comply with international tax rules.

“We could develop an international blacklist of tax havens and once you have that internationally agreed list – that would be the first time in our history as a world that you had an internationally agreed blacklist – then all sorts of countermeasures could be deployed against noncompliant regimes [and] tax havens that are on that blacklist,” he said on the sidelines of the IMF meetings on Friday. “I think all that can start now.”

Osborne suggested that the Organisation for Economic Co-operation and Development (OECD), which has helped lead the global fight against tax evasion, be charged with creating the blacklist. The OECD already has a list of “Uncooperative Tax Havens”, but Osborne said his proposed blacklist would require all OECD members to take action against citizens and companies dealing with blacklisted countries. At present there are no sanctions for dealing with the countries on the list of uncooperative tax havens.

Under Osborne’s plan “all the countries of the OECD would accept that this was a list that would trigger certain consequences like withholding taxes”. He said the UK government would act to withhold funds that UK citizens or companies were attempting to transfer to “blacklisted” countries.

The chancellor said the threat of being included on the list would spur countries dragging their heels on tax reform to up their game. He conceded that at present some British overseas territories and crown dependencies could be included on the blacklist, but he said they were “working hard to improve exchange information on personal tax details and beneficial ownership registries” and if they continue to reform they could escape inclusion on the list.

“There’s no reason why they would be on the blacklist but there would be a clear threat and clear sanctions that if they didn’t do those things, so that would add to the pressure on all of these ultra low tax jurisdictions to put their houses in order,” he said.

Osborne said his idea for the new blacklist had been inspired by the release of the Panama Papers, which have “heightened public concern ... and put further pressure on governments. I think the papers will help put pressure on other governments to deliver.”

The unprecedented leak of 11.5m files from the database of the world’s fourth biggest offshore law firm, Mossack Fonseca, has had repercussions around the world after showing the myriad ways in which the rich can exploit secretive offshore tax regimes. The Panama Papers have also shed light on the role of British-administered tax havens as more than half of the companies are registered in such tax heavens, as well as in the UK itself.

Britain has been under pressure to end its opposition to blacklist of tax havens compiled by the EU in the wake of the Panama Papers. Last year, the European commission took a stab at creating a blacklist, publishing the names of 30 “non-cooperative tax jurisdictions” that included the British Virgin Islands, Guernsey, Hong Kong, and Panama.

Osborne is now supporting a more global agreement. “If you think about this tax action you can’t just do it at a European level – you also need agreement internationally so we’ve said let’s have a black list of tax havens but let’s get everyone to agree to it including countries like the United States,” he told Sky News.

On Thursday, he had backed regulations that will lead to the automatic sharing of information about the true owners of complex shell companies and overseas trusts. He was working in partnership with his counterparts from France, Germany, Spain and Italy. These new rules, he said, were “a hammer blow against those that would illegally evade taxes and hide their wealth in the dark corners of the financial system”.