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Following the G20 meeting and communiqué, the OECD has provided a detailed report on progress by financial centres around the world towards implementation of an internationally agreed standard on exchange of information for tax purposes.
The Cayman Islands has signed bilateral agreements with seven Nordic economies - Denmark, the Faroe Islands, Finland, Greenland, Iceland, Norway and Sweden - on exchange of information for tax purposes.
OECD Secretary-General Angel Gurría welcomed an announcement by Monaco that it is prepared to enter into agreements for the exchange of information in all tax matters in accordance with international standards developed by the OECD and recognised by the United Nations.
The OECD welcomed an announcement by Macao, China that it intends to implement the OECD standards on transparency and exchange of information for tax purposes.
Moves by a number of financial centres over recent weeks in favour of transparency and exchange of information on tax matters have given a welcome boost to efforts counter international tax evasion, OECD Secretary-General Angel Gurría said.
The Isle of Man and Germany announced that they have signed a bilateral agreement for the exchange of information for tax purposes, bringing to 13 the number of such agreements entered into by the Isle of Man.
Guernsey and the United Kingdom have today signed a bilateral agreement for exchange of information for tax purposes bringing to 10 the number of such agreements entered into by Guernsey.
Some 16 new bilateral agreements on exchange of information for tax purposes signed this week between OECD countries and the British Virgin Islands, Guernsey and Jersey mark an important step forward in efforts to bring greater transparency to cross-border financial transactions.