The fanfare announcements by the G20 of an “unprecedented” plan to deal with the world economic crisis with a package of more than US$ 1 trillion, have been accompanied by considerable discussion of  “lists” published by the Organisation of Economic Cooperation and Development  (“OECD”). These lists concern the so-called “tax havens” and financial centres around the world and the extent of their respective commitments to tax information sharing and transparency.

In a move initiated by France to name and shame recalcitrant jurisdictions, we see a positive move that clearly establishes the suitability of compliant jurisdictions on the OECD “whitelist” as places from which international business, investment, trade and commerce can be conducted without fear of retaliation or sanctions. Mauritius and Seychelles, together with all of the G-8 nations and major industrial nations such as China and fast rising financial centres such as the UAE, are all on the OECD “whitelist” of jurisdictions that have substantially implemented internationally agreed tax standards.