UK Foreign Office Minister Baroness Amos has announced that the Government welcomes Antigua and Barbuda's commitment to working with the OECD, reported here last week.
Observing that the move represents 'a significant step' for the jurisdiction, Baroness Amos said on Friday that:
'The UK attaches special importance to the Commonwealth meeting in St Lucia in April which will discuss the technical assistance required to bring participating countries up to the standards required for a modern financial services industry.' She also urged those jurisdictions which still remain on the Organisation for Economic Cooperation and Development's blacklist to come forward with similar commitments before the February 28 deadline.
Speaking last week, Antigua and Barbuda Prime Minister, Lester Bird, explained the reasoning behind the Government's eleventh hour change of heart over cooperation with the OECD, noting that the multilateral organisation has 'considerably modified its original harmful tax competition initiative which had caused us great concern.'
He added that: 'We now look forward to growing our financial services industry without any shadows hanging over it.'
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