Gibraltar Crosses The OECD Line

At the conclusion of a very busy period of negotiations with a large number of jurisdictions, Gibraltar's government yesterday signed a further three Tax Information Exchange Agreements ('TIEA') with the Faroe Islands, Greenland and Finland.  This brings the total number of TIEAs signed by the Gibraltar government to thirteen, one more than the magic number twelve, as a result of which, Gibraltar has now been moved on to the so-called 'White List' of jurisdictions that have substantially implemented the internationally agreed standard (see below progress report updated 20 October 2009).

The process of signing these agreements auspiciously began on 31 March 2009 with the signing of a TIEA with the United States of America on the eve of the G20 summit, during which summit the role of offshore jurisdictions in the practical quasi-collapse of the global financial system was put under the microscope.  At the signing ceremony, the Chief Minister Mr Peter Caruana sat along