The Bahamas is in the process of ratifying the Organization for Economic Cooperation and Development (OECD)’s Multilateral Convention for Mutual Assistance in continuing efforts to avoid being “blacklisted” by the European Union (EU).
The announcement was made by the Ministry of Finance this week. The Government has formally indicated to the OECD its interest in acceding to the convention.
Consultations for this process began in 2009 and included private sector financial institutions, but the EU recently threatened to produce a list of all countries identified as “non-cooperative” in the international fight against tax evasion. There are currently 48 countries party to the convention, which regulates the exchange of information between countries regarding taxes and transparency.