I gather from reports (sorry for absence of links – posting in haste) that the OECD black list of tax havens had four nations on it last Thursday when announced and none are left tonight.
I call this real progress.
OK, these people have committed to some very low standards of information exchange, and that is all. But I call that real progress. Without that pressure they would not have done so – and Uruguay in particular is a rather nasty haven of long standing where real abuse goes on – as I highlighted in the report ‚ÄòCreating Turmoil’ last year.
Of course they have to follow through now – but unlike the last OECD process there are sanctions this time if they fail to do so.
And I suspect the hurdle they are expected to meet will rise over time.
OK, this is a small win. But don’t doubt it – long journeys only start when the first step is made. This is such a step.
I’m pleased that the journey is underway. Just don’t expect me to be quiet if it goes off course.