It was announced on Wednesday that the Britih Virgin Islands (BVI) have signed a tax information exchange agreement, similar to those recently signed by Antigua and Barbuda, the Bahamas, and the Cayman Islands, with the United States.
This news follows the revelation this week that the Organisation for Economic Cooperation and Development (OECD) is removing the Caribbean jurisdiction from its blacklist of 'uncooperative tax havens'.
Speaking after the signing of the agreement, BVI Governor, Frank Savage, observed that allowing the US Internal Revenue Service to pierce banking secrecy in cases of tax evasion and money laundering, clearly demonstrates that the country has been working 'to increase the transparency of our systems and reduce the potential for abuse'.
Also speaking on Wednesday, US Treasury Secretary, Paul O'Neill said that the Bush administration welcomed the agreement with the BVI, explaining that: 'We have an obligation to enforce our tax laws because failing to do so undermines the confidence of honest taxpayers of our system. One of the keys to enforcement of our tax laws is access to needed information.'
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