The Organization for Economic Cooperation and Development issued compliance ratings for 10 jurisdictions as part of its ongoing ‘Phase Two Peer Review’ reports.
The Five jurisdictions deemed partially compliant with Global Forum standards were Andorra, Anquilla, Antiqua and Barbuda, Indonesia and Saint Lucia, while the four others rated largely compliant were Chile, the Former Yugoslav Republic of Macedonia, Montserrat and St. Kitts and Nevis.
The Global Forum on Transparency and Exchange of Information for Tax Purposes also reported that while Jersey was rated as largely compliant in November 2013, when the compliance ratings for an initial batch of 50 jurisdictions were assigned, it has not been upgraded.
This was despite the fact that Jersey had “since implemented several recommendations made by the Global Forum, leading to an upgrade of ratings for individual elements of the evaluation process”.
The latest batch of reviews means the Global Forum has now completed 143 peer reviews and assigned compliance ratings to 64 jurisdictions that have undergone Phase 2 reviews.
Four jurisdictions are rated as non-compliant, while eight are now rated partially compliant.
There are still 12 jurisdictions which remain blocked from moving to a Phase 2 review. Of these, the supplementary review of Switzerland has been launched in July to assess changes made since its 2011 review in its legal framework to comply with the international standard.
Additional peer reviews will be completed by the next plenary meeting of the Global Forum, in Berlin, Germany, on 28-29 October 2014, the OECD said.
