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Today in Paris, the Committee on Fiscal Affairs (CFA) of the Organisation for Economic Cooperation and Development (OECD) announced new provisions for the exchange of information between national tax authorities.

The first offshore operations in the Western Hemisphere were established in The Bahamas in 1936 by British and Canadian interests to provide management services for the investments of wealthy clients. These operations eventually became a wholly owned subsidiary of the National Westminster Bank, which was consolidated into the private banking operations of its parent company.