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Bahamas Prime Minister Refutes OECD Blacklisting

Robert Lee, Tax-news.com, London

09 March 2001


According to a report in the Bahama Journal this week, the Bahamas' Prime Minister, Hubert Ingraham, has said that blacklisting of the Bahamas by the OECD as part of its harmful tax competition crusade is not all that it seems. He explained on local radio that the OECD list represents merely a threat about blacklisting, and that the real blacklist is set to appear in June, when the OECD comes up with a final tally of "errant" tax havens. Mr Ingraham also said he was confident that the Bahamas would not appear on the final list.

The Bahama Journal quoted the Prime Minister as saying: 'The Bahamas has been blacklisted by an organization called the Financial Action Task Force, the FATF. That is the only international organization that has blacklisted the Bahamas.' He added: 'The Bahamas has been given a low marking by the Financial Stability Forum, the FSF, with respect to the regulation of financial institutions in the Bahamas, but in terms of blacklisting the Bahamas has only been blacklisted by the FATF'.

Mr Ingraham pointed out that the Bahamas has been engaged in discussions with the OECD and that discussions were continuing with the Minister of Finance, Sir William Allen, at present. He stated: 'The Bahamas does not expect to be blacklisted by the OECD come June. The Bahamas expects to come to terms with the OECD until then.' Indeed, the Bahamas has been particularly pro-active in trying to extricate itself from the OECD list, embarking on a stream of missions to Europe and the US in an attempt to restore the island's reputation and remove the Bahamas' name from the now-infamous blacklist.

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