This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.  
  • Delicious




UK Envoy To Bahamas Speaks Out In Support Of OECD

Mandy Robinson, Tax-news.com, London

02 August 2000

If e-commerce and e-trading operations are to go ahead problem-free, amendments to international policy must take place. This is the message from the Bahamas UK Envoy, Peter Heigl. Otherwise gains from criminal activities and money laundering will continue to act as 'haemorrhages on the world's economy … I don't think any of us would want to see success on the basis of crime.'

Heigl stated that 'because of better communication, at the end of the day, we'll have a much better globalization system so that financial services can be a legitimate and prosperous part of a country's economy.'

Heigl has spoken out this week in support of recent OECD moves to limit 'unfair' tax competition from offshore jurisdictions: 'Globalization, led very much by the telecommunications market, is potentially of huge benefit to humanity but also the risks are very considerable … what we're looking at is a proper use of taxation and proper use of tax money to ensure that people benefit from those social programmes and make the best use of the tax monies.'

Heigl disagrees with recent charges against the OECD of 'economic colonialism', saying that the more powerful countries must 'watch out for weaker and smaller countries', particularly those affected by globalisation, and that 'the OECD is not in the business of trying to squeeze the offshore centres and put them out of business'. Indeed, Heigel asserts that it is imperative to heed the OECD measures: 'It's in all of our interest that responsible bodies like OECD, FATF and so on are listened to and that cooperation is in fact established.'

The Bahamas was one of 35 tax havens determined to be 'harmful' due to weak regulations which in turn permit money laundering to take place. Bahamian Prime Minister Hubert Ingraham is currently visiting the US and Canada in a series of talks with state representatives in a bid to restore the island's reputation as a financial services centre.

.

 

 






Write a comment