Dominica Agrees To Cooperate With OECD

by Amanda Banks, Tax-News.com, London

08 March 2002

The Government of Dominica released a statement on Wednesday announcing that the Caribbean offshore jurisdiction has agreed to cooperate with the OECD in initiatives to increase fiscal transparency and eradicate 'harmful tax practices'.

'Dominica has established and implemented a comprehensive anti-money laundering regulatory framework that is applicable to all areas of its offshore financial services,' the Dominican authorities announced in a statement, adding that: 'Moreover Dominica has enacted legislation to facilitate the exchange of information on tax matters with foreign jurisdictions directly through its competent authority.'

Last week, the OECD revealed that only a third of the countries remaining on its blacklist had agreed to cooperate prior to the February 28 deadline, and said that a revised list would be drawn up.

However, in announcing its intention to cooperate fully with the OECD over tax and transparency issues, the Dominican Government warned that it would also be actively protecting the jurisdiction's economic interests and fiscal autonomy during any negotiations.

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