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OECD Readies Sanctions Against Errant OIFCs

Tax-news.com

31 October 1999


News leaking from the OECD's Paris Forum on Harmful Tax Competition continues to indicate that the first list of jurisdictions with 'harmful' practices will be compiled in January. It is due to be presented to OECD Ministers in June 2000.

Sanctions being discussed include the imposition of extra reporting requirements for clients of 'rogue' jurisdictions, prohibitions on bank dealings with financial institutions in the jurisdictions, and the trimming of aid trade programs such as the Lome Convention. The first two of these would perhaps breach Treaty of Rome and WTO capital market rules? The third might be difficult to get through the EU's decision process.

It is understood that more than half of the 47 jurisdictions originally targeted by the OECD have agreed to talks, although some of them have complained loudly about hypocrisy on the part of OECD countries, including Jersey and the Bahamas.

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