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Anguilla Praised On Tax Transparency

Monday, October 24, 2011

The efforts of Caribbean territory Anguilla over transparency and tax information exchange were recognised in the positive peer review report from the Organization for Economic and Cooperation Development (OECD) now adopted by the Global Forum.

Anguilla received positive feedback in nine of the ten essential elements tested, and received recommendations in relation to requirements for accounting records.

The Review, which examined Anguilla’s legal and regulatory framework for transparency and the exchange of information for tax purposes, reported that Anguilla has a strong anti-money laundering regime and, with respect to availability of ownership and identity information, that Anguilla has clear requirements for ordinary companies, international business companies, partnerships and foundations to maintain this information.

The Review noted that Anguilla formally committed to the international standards on exchange of information in 2002 and has rapidly developed its exchange of information network since 2009. Anguilla has signed 17 bilateral Tax Information Exchange Agreements.

Speaking following publication of the Review, Anguilla Chief Minister Hubert Hughes said that: “I am delighted that Anguilla’s progress in this important area has been recognized by the OECD’s Global Forum. The government of Anguilla remains committed to meeting international standards on transparency and the exchange of information and recognizes that this is essential for our success as a financial services centre.”