Organisation for Economic Cooperation and Development (OECD) Global Forum on Transparency and Exchange of Information publishes its Peer Review Report on Anguilla.
The Organisation for Economic Cooperation and Development (OECD) Global Forum on Transparency and Exchange of Information has published its Peer Review Report on Anguilla.
The Review, which examined Anguilla’s legal and regulatory framework for transparency and the exchange of information for tax purposes, reported that Anguilla has a strong anti-money laundering regime and, with respect to availability of ownership and identity information, that Anguilla has clear requirements for ordinary companies, international business companies, partnerships and foundations to maintain this information. The assessment team determined that, of ten essential elements tested in accordance with the Global Forum’s Terms of Reference for Peer Reviews, only one, relating to accounting records, was found not to be in place.
The Review noted that Anguilla formally committed to the international standards on exchange of information in 2002 and has rapidly developed its exchange of information network since 2009. Anguilla has signed 17 bilateral Tax Information Exchange Agreements.
Speaking following publication of the Review Chief Minister Hubert Hughes said “I am delighted that Anguilla’s progress in this important area has been recognised by the OECD’s Global Forum. The Government of Anguilla remains committed to meeting international standards on transparency and the exchange of information and recognises that this is essential for our success as a financial services centre”.
The Report was approved at the Peer Review Group meeting in the Cayman Islands in July, where Anguilla’s delegation was led by Perin Bradley of the Ministry of Finance, before being formally adopted by the Global Forum.
The delegation also included Lead Negotiator for Anguilla’s Tax Information Exchange Agreements and General Advisor Mrs Lorna Smith, Director of the Financial Services Commission Eleanor Astaphan, Ms. Tina Bannister - Head of AML/CFT and Legal Services for the Financial Services Commission, Parliamentary Counsel Kellie Bailey, Head of the Governor’s Office Catherine Firth, and Comptroller of Inland Revenue Gecheal Richardson.