Cayman Islands on OECD Global Forum Steering Group
Published 14th September 2009, 10:28am
The Cayman Islands has been elected as a member of the Organisation for Economic Cooperation and Development’s (OECD) Steering Group at the recent Global Forum on Transparency and Exchange of Information held in Mexico.
Along with members from thirteen other countries, the Cayman Islands will assist in the restructuring of policy for the Global Forum, with the remit of preparing and guiding the Global Forum’s future work. The Global Forum is the final decision making body for OECD matters.
Leader of Government Business/Premier Designate and Ministry for Financial Services the Hon. McKeeva Bush said, “We are honoured to have been selected as a member of Steering Group. This provides us with the opportunity to further demonstrate Cayman’s commitment to international taxation standards and further underpins our exemplary position as a thought leader in the area of international cooperation on tax.”
The Forum also announced the formation of a Peer Review Group, established to develop a detailed methodology and terms of reference for a robust, transparent and accelerated process that will evaluate the tax information exchange regimes of OECD and non-OECD countries. The work of the Peer Review Group will be fed into the Steering Group.
The Cayman Island was formally recognized for its efforts in concluding twelve bilateral agreements which allowed it to progress from the grey to the white list. This recognition assisted the Cayman Islands in being selected to chair a multilingual breakout session on the restructuring of the Global Forum with the rapporteur being the host country, Mexico.
The Cayman Islands also participated in the Tour de Table session in which it presented a status update on the amount of signed TIEAs (12) as well as the numbers that have been negotiated but not yet signed. These include Australia, Canada, France, Italy, Germany and Mexico. These agreements will be signed once these countries complete their respective internal approval processes.
The OECD’s next Global Forum meeting, scheduled to take place in 2010, will focus on progress in the signing and entry into force of tax information exchange agreements; preliminary outcomes from Phase One of the peer review process; multilateral initiatives to improve the exchange of information; and a report from the OECD Secretariat on how developing countries can be further integrated in and benefit from the Global Forum’s work.
Attendees from the Cayman Islands included: Honorable Attorney General, Mr. Samuel Bulgin, Mr. George McCarthy, Chair of the Cayman Islands Monetary Authority (CIMA) Board, Mr. Langston Sibblies, General Counsel and Deputy Managing Director of CIMA and Mrs. Michelle Bahadur, Senior Assistant Secretary, Office of the Financial Secretary.
For more information, please contact the Financial Services Secretariat at (345) 945-5819 or via email at email@example.com.