Most tax havens now comply to international standards

2nd November 2011, Comments 0 comments

Most countries previously identified as tax havens have since complied with international financial standards aimed at rendering them more transparent, regulators said Wednesday.

In March 2010, the Financial Stability Board had launched an initiative to encourage countries to adhere to standards on the exchange of tax information.

In its assessment of progress made by 61 jurisdictions, it found that 41 economies "demonstrate sufficiently strong adherence to the relevant standards.

Among them are several economies which were in 2009 on the OECD's grey list of tax paradise, including the British Virgin Islands, the Cayman Islands, Gibraltar, Liechtenstein and Switzerland.

Eighteen economies have meanwhile undertaking reforms to strengthen their compliance.

Only two countries were uncooperative -- Libya under Moamer Kadhafi's regime and Venezuela.

© 2011 AFP

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