The Organisation of Economic Cooperation & Development (OECD) announced today that Dominica, Grenada and Saint Lucia have been moved into the category of jurisdictions considered to have substantially implemented the standard on transparency and exchange of information, having now all signed at least 12 exchange of information agreements conforming to the standard.

This brings to 28 the number of jurisdictions that have moved into this category since April 2009. See [Background Information Brief](

The move affecting Dominica, Grenada and Saint Lucia follows the signature of a series of agreements involving these three jurisdictions and the Nordic countries (Denmark, Faroe Islands, Finland, Greenland, Iceland, Norway and Sweden). Dominica and Grenada have now signed 13 agreements each, and Saint Lucia has signed 15 agreements. Antigua and Barbuda also signed agreements with the Nordic countries today, and now has a total of 20 agreements meeting the international standard

As members of the [Global Forum on Transparency and Exchange of Information for Tax Purposes](,3407,en_21571361_43854757_1_1_1_1_1,00.html), each of these jurisdictions agreed to participate in a peer review of their laws and practices in this area. According to a schedule published by the Global Forum, Antigua and Barbuda, Grenada and Saint Lucia will undergo reviews of their legal and regulatory framework for exchange of information in 2011 and reviews of their information exchange practices in 2013. Dominica’s peer reviews will take place in 2012 and 2014.

Jeffrey Owens, Director of the OECD’s Centre for Tax Policy and Administration, said today that the OECD continues to see a great deal of progress in the Caribbean as jurisdictions move to sign agreements. With Dominica, Grenada and Saint Lucia now reaching this benchmark, most of the Caribbean jurisdictions have implemented their commitment to signing exchange of information agreements.

He continued, *“We will be working with the remaining Caribbean jurisdictions – Belize, Costa Rica, Guatemala, Montserrat and Panama – to encourage them to follow this trend, providing them with whatever assistance is needed. The real test will come with the peer review process, when the Global Forum can evaluate the quality of these agreements and the extent of the implementation of the standards in practice.”*