The government formally indicated to the OECD yesterday The Bahamas’ interest in acceding to the Multi-Lateral Convention for Mutual Assistance in Tax Matters.

Here follows the full statement from the Ministry of Finance dated May 29:

The Ministry of Finance wishes to announce that the government today has formally indicated to the Organization for Economic Cooperation and Development (OECD) its interest in acceding to the Multi-Lateral Convention for Mutual Assistance in Tax Matters.

Consultations with the OECD, leading financial institutions and representative organizations in the private sector, such as the Bahamas Financial Services Board (BFSB) and the Association of International Banks and Trust Companies in The Bahamas (AIBT), commenced several years ago on the process for implementing the Common Reporting Standard for Automatic Exchange of Information.

The government looks forward to continuing its work since 2009, in implementing greater transparency in tax matters through the OECD’s Global Forum.

This important development serves to emphasize, once again, the enduring commitment of the government of The Bahamas and the banking sector to adhering to all international best practices, thereby assuring the continued participation of The Bahamas as a world-class financial services centre.