Marshall Islands Removed from OECD List of Uncooperative Tax Havens
The Organization for Economic Cooperation and Development (OECD) announced today that it has removed the Republic of the Marshall Islands (RMI) from its list of uncooperative tax havens. The Marshall Islands has made the commitment to implement a programm to improve transparency and to establish effective exchange of information in tax matters.
"The Marshall Islands wishes to be seen as a responsible international financial center," said the RMI Finance Minister Brenson Wase in a letter to OECD, dated July 17, 2007.
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The RMI has already taken steps to comply with international standards with changes in its laws, including compliance for anti-money laundering systems. The Marshalls was removed from the FATF's list of non-cooperative countries and territories (NCCTs) in 2002.
According to Minister Wase, the Marshall Islands satisfies many of the OECD standards regarding transparency and exchange of information for tax purposes and is committed to working with other countries in tax information exchange.
"The Marshall Islands recognizes that for effective exchange of information for tax purposes to take place, it must take steps to ensure that its authorities have access to bank information as well as accounting and ownership information in respect of companies, partnerships, trusts and other entities," he said.
"We intend to make this letter of commitment public and would welcome the OECD's release of the letter and removal of the Marshall Islands from the OECD list of uncooperative tax havens."
The small Pacific nation, which hosts an flag ship and corporate off-shore industry, was one of the last four remaining on the OECD's list following the removal of Liberia last month. It joins 34 other jurisdictions that have made similar commitments.
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by Aenet Rowa, Yokwe Online, August 8, 2007
