The OECD just announced that the four countries named on its “tax haven blacklist” last week – Costa Rica, Malaysia, the Philippines, and Uruguay – have all cried UNCLE and agreed to the OECD information sharing principles.
This means that all attention will now focus on the “greylist”, which includes Bermuda.
Obviously, it behooves Bermuda to make all efforts to be one of the first countries to enact sufficient reform to move off the list of targeted jurisdictions.
The TIEAs are just the start of it. Bermuda must also move rapidly to improve the transparency and accountability of its Government, with freedom of information laws, stronger anti-corruption laws, whistleblowing provisions, and better contracting and audit performance, among other things.
No Comments so far ↓
Sorry, we are not accepting Plantation Comments.