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The Organization for Economic Cooperation and Development (OECD) has ranked 50 countries and jurisdictions according to their compliance with international information exchange standards.
The grading is based on each country's application of the criteria set by the Global Forum on Transparency and Exchange of Information for Tax Purposes. The OECD's publication is broken down into two main tables, the first dealing with jurisdictions that have undergone only Phase 1 reviews, and the second with those that have submitted to both Phase 1 and Phase 2.
A Phase 1 review assesses the quality of a jurisdiction's legal and regulatory information exchange framework. A Phase 2 takes practical implementation into account. To date, 124 peer reviews have been completed, including 50 Phase 2 reviews.
All countries were evaluated according to the availability of information, access to information, and the exchange of information. Eighteen jurisdictions were rated as compliant, 26 as largely compliant, two as partially compliant, and four as non-compliant. A further 14 jurisdictions were not given compliance ratings, pending further improvements to their legal and regulatory frameworks for the exchange of information in tax matters.
It was decided that a number of Phase 1 countries should not move to Phase 2. They are: Botswana, Brunei, Dominica, Guatemala, Lebanon, Liberia, Marshall Islands, Nauru, Niue, Panama, Trinidad and Tobago, the UAE, and Vanuatu. Switzerland will progress, but on a conditional basis.
The Phase 2 jurisdictions found to be non-compliant were: Cyprus, Luxembourg, the Seychelles, and the British Virgin Islands.
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