More offshore financial centres join OECD white list
The Cayman Islands and the British Virgin Islands have become the latest offshore jurisdictions to be pushed up to the Organisation for Economic Co-operation and Development's so-called white list.
The Cayman Islands signed its 13th Tax Information Exchange Agreement last week with New Zealand, having also signed agreements with Denmark, Faeroe Islands, Finland, Greenland, Iceland, Ireland, Norway, Sweden, The Netherlands, the UK and the US.
The British Virgin Islands signed its 12th TIEA with New Zealand last week, and plans to conclude similar agreements in the near future. The British Virgin Islands has already signed agreements with Australia, Denmark, Faeroe Islands, Finland, France, Greenland, Iceland, Norway, Sweden, the UK and the US.
Last April, as a result of a Group of 20 initiative, the OECD drew up a list of tax havens and categorised them as either being on the white list, or international compliant; grey list, partially compliance; or black list, not compliant.
Black list countries Costa Rica, Malaysia, the Philippines and Uruguay, have since been moved onto the grey list after making commitments on tax.
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