Ethics and governance in the European Financial centers

On 31 August 2009, the OECD issued its Tax Co-operation 2009: Towards a Level Playing Field – 2009 assessment by the Global Forum on Transparency and Exchange of Information. This is the fourth annual assessment of progress being made towards greater transparency and information exchange in the area of taxation.

The Global Forum on Transparency and Exchange of Information, which includes both OECD and non-OECD economies, has since its creation in 2000 worked to improve transparency and establish effective exchange of information.

The report highlights the progress on international co-operation in tax matters made up to 31 July 2009.

It states its page 19 that "seven countries that currently appear in the progress report as having substantially implemented the standard are not considered to have substantially implemented the OECD standard of exchange of information in this report. These are the following (the figures in brackets indicate the number of agreements each has signed with OECD countries): Bahrain (5); Barbados (2); Belgium (7); Luxembourg (9); Mauritius (4); the Seychelles (1); and the United Arab Emirates (8)"