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
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.”