The Organisation for Economic Cooperation and Development announced on Wednesday that the British Virgin Islands will not be included in its updated list of 'uncooperative tax havens', due to be released soon.
Although the jurisdiction did not reach an agreement with the OECD before the February 28 deadline, Chief Minister Ralph T. O'Neal was keen to point out in early March that the BVI government had submitted a draft commitment letter, and that the details of the agreement were being finalised in discussion with the multilateral body.
However, he admitted at the time that negotiations had been 'long, arduous and complex' and 'had involved give and take on both sides'.
An OECD statement published on Wednesday stated that the body 'looks foward to working with the British Virgin Islands' and urged other jurisdictions which have not yet committed to tax and transparency reform to come forward.
According to the OECD, Andorra, Liberia, Liechtenstein, the Marshall Islands, Monaco, Nauru, Niue, Panama, Western Samoa, and Vanuatu still remain 'blacklisted', although the organisation revealed that commitments from some of the jurisdictions in question are currently being studied by OECD officials.
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