Originally published on 28 February 2002
It was announced on 27 February 2002 that both Jersey and Guernsey have entered into identical agreements with the OECD in relation to the OECD’s harmful tax practices initiative¹, in consequence of which neither Island will be listed by the OECD as an uncooperative tax haven.
The agreements commit the Islands to adopt the OECD’s principles of exchange of information and transparency with the operation of legal entities, both in a general political commitment and in tax information exchange agreements that may be negotiated with individual jurisdictions. For its part, the OECD appears to have acknowledged the importance of maintaining a ‘level playing field’ between international financial services centres, a point that is emphasised within the commitment letters.
