The Marshall Islands have been removed from the OECD's list of harmful tax havens after the jurisdiction committed itself to improving transparency and establishing exchange of tax information.
The pledge from the Marshall Islands means that the OECD now only lists three regions - Andorra, Liechtenstein and Monaco - as uncooperative tax havens.
'The Marshall Islands joins 34 other jurisdictions that have made similar commitments aimed at ensuring an environment in which all significant financial centres meet high standards of transparency and exchange of information for tax purposes.
'The OECD’s work in this area is designed to enable countries to enforce their tax laws fully and fairly, notably by ensuring that they can obtain from other countries relevant information when needed,' the organisation said in a statement.
The OECD has made transparency and exchange of tax information one of its key priorities, and although it believes that it has made significant progress in achieving this aim it recognises that 'further progress is still needed in some countries'.
Further reading:
Read the letter from the Marshall Islands to the OECD
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