OECD names and shames financial centres which have not implemented international tax standard
The G20 summit in London has pledged to clamp down on tax havens and tighten financial regulations. They promised "to take action against non-cooperative jurisdictions, including tax havens".
A Communiqué issued by the group at the end of the meeting cited a list the OECD has drawn up of financial centres around the world.
The OECD's list sorts financial centres by the extent to which they implement an internationally agreed standard on exchange of information for tax purposes. The standard in question was developed under the OECD’s Global Forum on Taxation and was endorsed by G20 Finance Ministers in 2004.
(a) Jurisdictions that have not committed to the OECD's tax standard:
Costa Rica, Malaysia (Labuan), Philippines, Uruguay
(b) Jurisdictions that have committed to the OECD's tax standard, but have not yet substantially implemented it:
(b1) the following, which the OECD calls "Tax Havens":
Andorra, Anguilla, Antigua and Barbuda, Aruba, Bahamas, Bahrain, Belize, Bermuda, British Virgin Islands, Cayman Islands, Cook Islands, Dominica, Gibraltar, Grenada, Liberia, Liechtenstein, Marshall Islands, Monaco, Montserrat, Nauru, Netherlands Antilles, Niue, Panama, St Kitts and Nevis, St Lucia, St Vincent & Grenadines, Samoa, San Marino, Turks and Caicos Islands, Vanuatu.
(b2) and also the following which the OECD calls "Other Financial Centres":
Austria, Belgium, Brunei, Chile, Guatemala, Luxembourg, Singapore, Switzerland.
According to the OECD, the following jurisdictions have substantially implemented the internationally agreed tax standard:
Argentina, Australia, Barbados, Canada, China, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Greece, Guernsey, Hungary, Iceland, Ireland, Isle of Man, Italy, Japan, Jersey, Korea, Malta, Mauritius, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Russian Federation, Seychelles, Slovak Republic, South Africa, Spain, Sweden, Turkey, United Arab Emirates, United Kingdom, United States, US Virgin Islands.