OECD Ranks Bermuda As “Largely Compliant”
Minister of Finance Bob Richards today [Nov 22] announced that Bermuda has achieved a rating of ‘Largely Compliant’ from the Organisation for Economic Co-operation and Development [OECD].
The OECD Global Forum has completed their assessment of 50 jurisdictions and announced the results of its assessment at a meeting in Jakarta, Indonesia today.
Minister Richards said, “these OECD ratings follow a similar tiered rating system as the IMF ratings; Compliant, Largely Compliant, Partially Compliant, Non-Compliant.
“I am very pleased Bermuda has received the rating of Largely Compliant, the same as the UK, USA and many other G8 nations. These ratings are comprehensive and carried out in an assessment methodology of total transparency as every country was assessed on its legislative and procedural regime for administering Tax Information Exchange Agreements [TIEAs].”
Out of 50 countries, only 5 did not receive “Largely Compliant” or “Compliant” ratings”
What area are we therefore partially “noncompliant” with ?