CROSS BORDER FINANCIAL SERVICES
…international standards and practices
Arising out of its now two-year old report on harmful tax competition, the Organization for Economic Cooperation & Development (OECD) identified a number of "tax havens" for investigation. This year, it announced intentions of publishing a blacklist in June, 2000 and of taking action against those countries listed. Subsequently, the OECD reported that it would defer the planned "sanctions" in response to the input and positive behaviour of jurisdictions involved. It defined the extension to July 2001 as a gesture in good faith to cooperating jurisdictions. The organization further advised that during the intervening year a second list would be drawn up, comprising tax havens to be targeted because of their refusal to cooperate.
