30/09/2010 - The Global Forum on Transparency and Exchange of Information for Tax Purposes today
 issued phase one peer reviews covering the legal and regulatory frameworks for transparency and exchange 
of tax information in Bermuda, Botswana, Cayman Islands, India,  Jamaica,  Monaco, Panama, Qatar.

The reports describe each jurisdiction’s rules for ensuring that information is available, how it can be 
accessed by competent authorities and the mechanisms in place to exchange the information with foreign
 tax authorities.

The reports include recommendations on how these jurisdictions can improve their co-operation in 
international tax matters. The deficiencies identified commonly related to access to information including
 information on nominees, trusts and the need to maintain good accounting records.

A second stage of the reviews, examining the eight countries’ exchange of information practices, will take
 place by 2012. Botswana and Panama will have to adequately address the phase 1 recommendations 
before proceeding to a phase 2 review.

The Chair of the Global Forum, Mike Rawstron of Australia, said at the end of the meeting: “Jurisdictions are
 taking the standards seriously. These reports show that this is not just a numbers game, it is about having
 in place a legal and regulatory framework which enables an effective exchange of information.”

More than 100 jurisdictions and observers are now part of the Global Forum, with Botswana, Jamaica and 
Kenya welcomed as the newest members this week. All these jurisdictions, as well as others identified by 
the Global Forum as relevant to its work, are participating in reviews of their systems for the international
 exchange of information in tax matters.

Ms. Lim Hwee Hua, Singapore’s Second Minister of Finance noted in her introductory remarks that, “Just 
one year into its three year mandate, the Global Forum has already made good progress in many areas.”

She went on to say, “The Global Forum allows all members, whether large or small, developed or developing,
 to participate on an equal footing.”

In addition to adopting these eight peer review reports, the Global Forum released the 2010 Global Forum
 assessment and identified a strategy, working with the OECD, with other international organisations and
 with regional groupings to provide technical assistance to all interested jurisdictions so that they can fully 
implement the standard.

The full Statement of Outcomes of this meeting and more information on the peer review reports can be
 found on the Global Forum’s website: www.oecd.org/tax/transparency. The next Global Forum meeting will 
be held in Bermuda in 2011.

For further information, journalists can contact Helen Fisher, OECD media division, 
at Helen.Fisher@oecd.org or read the background information brief.

The latest annual assessment of the exchange of information in tax matters, 
Tax Co-operation 2010: Towards a Level Playing Field, launched in Singapore, covers more than 
90 jurisdictions, including all OECD and G20 countries.