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According to Alden McLaughlin, the Cayman Islands' Minister for International Financial Services Policy, the agreement with the Nordic countries represents clear proof of his country's will to implement the OECD standard for transparency and information exchange on tax data. "I hope this agreement will be the start of a productive partnership between the Nordic countries and the Cayman Islands," he said. The agreement is a continuation of a wide-ranging project. The Nordic countries have already signed agreements with the Isle of Man, Jersey and Guernsey, and a similar one with Bermuda will be signed at a ceremony in the Swedish Embassy in Washington on 16 April. Negotiations with other countries, including the British Virgin Islands, Aruba and the Dutch Antilles, are at an advanced stage. According to Torsten Fensby, project manager at the Nordic Council of Ministers, work on data exchange agreements has encouraged other nations to establish contacts with the Nordic countries to talk about agreements. "One reason for this may be the G20 discussions about making tax evasion a top priority," he commented. |
Nordic countries join forces in combating tax evasion
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An agreement between the Nordic countries and the Cayman Islands to exchange financial data was signed at a ceremony in Stockholm on Wednesday. The agreement provides the Nordic tax authorities with access to information about the capital dispositions and incomes of citizens with tax arrears and could reveal assets and earnings not declared at home. "This represents major progress for Nordic co-operation. The agreement represents an important step in the ongoing process of drawing up similar agreements with other countries," said Ingemar Hansson, State Secretary at the Swedish Ministry of Finance. |