Bahamian Prime Minister and Minister for Finance Hubert Ingraham reaffirmed the Bahamas’ commitment to the OECD’s standards of transparency and exchange of information in a statement made before the Bahamas' parliament on March 25.
Ingraham, noting the Bahamas’ adherence to the OECD standards on March 15, 2002, stated:
“My government is satisfied that much progress has been made toward the establishment of a ‘level playing field’ which we sought in 2002. It is clear that the OECD standards of transparency and exchange of information are being accepted by OECD member countries and by those non-member jurisdictions which provide financial services similar to those provided in the Bahamas.”
Referencing conversations with the Bahamas Financial Services Board (BFSB), the Association of International Banks and Trusts (AIBT) and the financial services industry generally, Ingraham delivered the following statement on behalf of the jurisdiction:
“The Bahamas notes significant recent progress towards the adoption of standards on tax transparency and information exchange set by the Organization for Economic Co-operation and Development. The Bahamas reaffirms its commitment recorded in a March 2002 agreement between The Bahamas and the OECD. The Bahamas recognizes significant advances in commitments to broader application of OECD standards of transparency. The Bahamas is ready to negotiate and conclude appropriate arrangements to accommodate these OECD standards.”
”It is the intention of the government to enter into negotiations [on tax information exchange agreements] as a matter of priority. There are a number of outstanding requests for the Bahamas to enter into agreements. Each request will be considered on an individual basis,” concluded Ingraham.
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