7 Apr 2003

Vanuatu agrees to follow OECD guidelines

8:49 am on 7 April 2003

Vanuatu's Council of Ministers has agreed to commit to the OECD's Harmful Tax Initiative.

The Organisation for Economic Cooperation and Development had earlier said sanctions might be imposed on non compliant countries this month.

Pressure to comply has grown amidst increasing international concern over money laundering and its links to terrorism.

Vanuatu has been among international finance and offshore tax centres resisting demands to agree to OECD requirements of transparency and exchange of information.

Vanuatu has pointed out that some wealthy OECD members has not committed to the standards being demanded of less wealthy non OECD developing countries.