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Organization of Economic Co-operation and Development (OECD)

The Organization of Economic Co-operation and Development (OECD) sets standards for offshore business, banking and investments.

Organization of Economic Co-operation and Development (OECD)

The OECD is an organization of over 100 countries committed to democracy in the market economy. Their purpose is to support and sustain economic growth. They exchange data to increase world employment, food supply and raise living standards.

The objectives of the OECD are to contribute and assist countries in their economic development and maintain financial stability in the world. In the spring of 1996, after major investigations, the OECD announced that it would tackle the dilemma of money laundering in what they called "tax havens." By 1998, the OECD announced 41 jurisdictions that supported little or no income tax, the failure to report banking information to government agencies and the lack of complete knowledge about whom they were conducting business. Since then 33 jurisdictions have cooperated and participated in global Forums to support the OECD.

Subsequently, the OECD set out a list of guidelines to prevent offshore financial centers from being blacklisted. One of them was the "Know Your Client" rules. This was a statutory requirement for banking institutions to know their customers, the origins of their money and the nature of their businesses. Due to these regulations, any person who goes offshore should expect a complete regimen of detailed information to be presented in all offshore banking situations and company incorporations.

The agreements have impetus to end banking secrecy. The Bush administration has worked diligently to level the playing field in the global economy on terrorism by gaining information about foreign accounts and the transfers of money worldwide. The initiatives by the United States after 9/11 have been successful in creating a more stable offshore investment opportunity.

The United States has been a thriving force behind the investigation and prosecution of offshore tax crimes and has pressured Offshore Financial Centers (OFC) to cooperate in the exchange of information. All income, domestic and worldwide, gained by a US citizen must be reported to the IRS.

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