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Does it comply with international standards?


On August 21, 2017, the OECD Global Forum on Transparency and Exchange of Tax Information for Tax Purposes published a report containing the results of a meeting of the expert commission with the characteristics of countries' compliance with the OECD international standards of tax transparency. The monitoring and analysis procedure is designed to ensure proper compliance by jurisdictions, undertaken obligations, as well as confidentiality of information affected by international exchange.

The meetings of the expert commission have been held for the last 6 years, during which the assessment of both the legal basis for the exchange of information (Phase I) and the practices and procedures for implementing such an exchange in 119 jurisdictions (Phase II) has already been assessed.

The new conclusion of the expert commission unites phases I-II. A special bias is made in analyzing the accessibility and access to (1) information on the beneficial ownership of all types of legal entities and (2) the country's arrangements in accordance with international standards for countering the legalization of criminal proceeds and the financing of terrorism.

Thus, it is concluded that of the 10 jurisdictions examined:

 3 jurisdictions - Ireland, Mauritius and Norway - are rated "Compliant" with OECD standards;
 6 jurisdictions - Australia, Bermuda, Canada, Cayman Islands, Germany and Qatar - "Much in line";
 1 jurisdiction - Jamaica - "Partially compliant". In this regard, the Global Forum published an additional report on the steps needed to ensure a higher level of compliance with OECD requirements.

A source:

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