The Prime Minister of the Bahamas, Hubert Ingraham, says his
government is not planning to change its offshore banking laws, even though it
will comply with international tax regulations.
The Bahamas is currently on a grey list of not fully co-operative jurisdictions, drawn up by the Organisation for Economic Cooperation and Development (OECD).
Nassau is aiming to be white-listed by December this year.
The OECD requires jurisdictions to sign 12 tax exchange agreements, in order to be removed from the list of shamed countries.
But Prime Minister Ingraham told Reuters News Agency that the Bahamas' financial services sector had existed for 50 years and bank secrecy was one of its pillars.
He said the country will co-operate with specific investigations into suspected tax evaders and fraudsters.
But it will not change its bank secrecy laws to allow what he called 'fishing' by foreign investigators.
The Bahamas is currently on a grey list of not fully co-operative jurisdictions, drawn up by the Organisation for Economic Cooperation and Development (OECD).
Nassau is aiming to be white-listed by December this year.
The OECD requires jurisdictions to sign 12 tax exchange agreements, in order to be removed from the list of shamed countries.
But Prime Minister Ingraham told Reuters News Agency that the Bahamas' financial services sector had existed for 50 years and bank secrecy was one of its pillars.
He said the country will co-operate with specific investigations into suspected tax evaders and fraudsters.
But it will not change its bank secrecy laws to allow what he called 'fishing' by foreign investigators.
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