On Thursday Leader of Government Business McKeeva Bush was in Washington DC to sign Cayman’s 12th Tax Information Exchange Agreement (TIEA) with New Zealand.

In April, following a meeting of the G20 in London, the Cayman Islands was placed on an OECD ‘grey list’ of countries that had not met the required standards on tax disclosure. The ‘grey list’ comprised countries that had not signed TIEAs with at least 12 other countries.

Cayman is in discussions to sign further agreements with a number of other countries such as Australia, Germany, France, and Germany.

The list was published at the end of the G20 meeting in London by the Organisation of Economic Cooperation and Development (OECD).

The ‘grey list’ comprised countries that had not signed Tax Information Exchange Agreements (TIEAs) with at least 12 other countries.

It did, however, avoid being blacklisted and not committed to an internationally agreed tax standard.

The blacklisted countries were Malaysia, Costa Rica, Philippines, and Uruguay.

The other countries on the ‘grey list’ were Andorra, Anguilla, Antigua and Barbuda, Aruba, Bahamas, Bahrain, Belize, Bermuda, British Virgin Islands, Cook Islands, Dominica, Gibraltar, Grenada, Liberia, Liechtenstein, Marshall Islands, Monaco, Montserrat, Nauru, Antilles, Niue, Panama, St Kitts and Nevis, St Lucia, St Vincent & Grenadines, Samoa, San Marino, Turks and Caicos Islands, and Vanuatu.