The tiny offshore jurisdiction of Niue has buckled under pressure from the Organisation for Economic Cooperation and Development, and has announced that it will be dismantling its offshore banking legislation.
The pacific island nation has been on the OECD's blacklist of 'uncooperative tax havens' for two years, but the threat of sanctions proved too much to bear in the final analysis.
'We've been bullied, intimidated, call it whatever you like. But...as I said to the cabinet the other day, we're going to sit down now and bite the bullet,' explained the Premier and Finance Minister, Sani Lakatani last week. He insisted that Niue's offshore sector was 'squeaky clean', but revealed that the country had also come under pressure from the European Union to secure removal from the list.
According to the Niue Premier offshore banking licenses will not renewed on the island, and the Offshore Banking Licence Act will be put to parliament on March 7 to be repealed.
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