Pacific Islands To Discuss OECD Pressure At Forum Meeting
by Mary Swire, Tax-News.com, Hong Kong
16 August 2001
The Pacific Island tax havens
will be airing their concerns regarding the demands of the OECD at the forthcoming
Pacific Islands Forum meeting in Nauru, it was revealed recently. This follows
a meeting in Auckland at the end of last month when the Deputy Premier of Niue,
Young Vivian complained that the Organisation for Economic Cooperation and Development
had not treated the Pacific islands fairly, because questions submitted regarding
the harmful tax practices initiative had not been answered.
Leader of the Cook Islands
delegation, Prime Minister Dr. Terepai Maote, told OECD officials at the last
meeting that the jurisdictions wanted to work as a group, and would consult
each other before considering any undertaking with the organisation. This week's
meeting is seen as the first step in this process, and the affected jurisdictions
are eager to seek advice from other political leaders, including New Zealand
Prime Minister Helen Clark, who will be attending the forum.
The Cook Islands and Niue
are currently included on the OECD blacklist for what the multilateral organisation
has called 'harmful tax haven practices', while Nauru is included for alleged
money laundering practices. However, Nauru has promised to introduce anti-money
laundering legislation in an attempt to placate the OECD, and Niue, assisted
by New Zealand, has established a financial monitoring unit. Dr Maote, speaking
for the Cook Islands, has said that he would like to discuss the establishment
of an offshore financial services unit for the region at the meeting.
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