International Meeting On OECD Measures Takes Place In Cayman

by Amanda Banks, Tax-News.com, London

31 October 2002

Speaking during the first of a series of meetings of the OECD Global Forum Joint Ad Hoc Group of Accounts, hosted by the Cayman Islands this week, Caymanian Leader of Government Business, the Hon. McKeeva Bush once again stressed the importance of a 'level playing field', both in the implementation of any information exchange programme, and in the potential penalties for non-compliance.

According to the Cayman Net News service, the five day meeting - which is being attended by delegations from 33 countries, including 11 OECD member states - aims to address acceptable modes of competition in the provision of international financial services, although technical discussions concerning the OECD model agreement on the exchange of information will also take place.

Earlier this week, Mr Bush outlined the concerns felt by Cayman and many of the other smaller, non-Western participants in the process: 'It is very important for us that as we go foward in this process that great care is taken to ensure that the current disparity which exists in regard to the onerous burdens sought to be placed on our shoulders, and the less onerous burdens which are advocated for many of our more geo-politically powerful competitors is not increased.'

In his opening speech, Gabriel Makhlouf, the OECD's Fiscal Affairs Committee chairman attempted to reassure delegates, announcing that: 'We all recognise the importance of a level playing field. OECD governments are firmly committed to fair and transparent competition in the financial sector.'

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