On 6 October the Council of the European Union added Anguilla to the EU’s list of jurisdictions it defines as “non-cooperative for tax purposes.” The Council took this step following the decision made in September by the OECD’s Global Forum on Transparency and the Exchange of Information for Tax Purposes to downgrade Anguilla’s rating from partially compliant to non-compliant.
The EU’s action is disappointing. However, the factors which led to the Global Forum’s decision – and which prompted the EU’s action – are acknowledged and are being addressed. Legislation has been strengthened to require the availability of and access to accounting records, along with ownership and identity information for entities incorporated in Anguilla. Legislation also now requires the retention of accounting records for entities which have been struck off the company’s register. In addition, a new commercial registry system will come on line in early 2021 allowing ownership information to be speedily accessed in response to legitimate requests.
Anguilla is requesting the Global Forum conduct a Supplementary Review. This will enable us to demonstrate the progress made in addressing the Forum’s concerns and to show the international community its commitment to meet the highest international standards of transparency. Anguilla is optimistic that once this is done, the EU will remove it from the list of non-cooperative jurisdictions.
