A European Union (EU) Economic and Financial Affairs Council (ECOFIN) meeting in Brussels announced that the Republic of the Marshall Islands (RMI) is now considered “white-listed” by the ECOFIN.
The RMI moved to the white list after receiving a largely compliant rating following adoption of the RMI’s second round Peer Review Report on Exchange of Information on Request from the Organisation for Economic Co-operation and Development’s (OECD’s) Global Forum on Transparency and Exchange of Information for Tax Purposes.
“The Marshall Islands welcomes the ECOFIN’s decision, which recognizes the hard work we have done and will continue to exert all efforts to remain compliant with the EU and OECD requirements,” said RMI Minister of Finance, Alfred Alfred, Jr. “The white listing and largely compliant rating truly reflect the Marshall Islands’ commitment to international corporate governance and taxation standards,” concluded Minister Alfred.
The RMI will now look towards the next phase of compliance, which includes enforcement of economic substance requirements.
“We were happy with the outcome of the meeting today and know the Marshall Islands will continue its cooperation with the EU and other international institutions, such as the OECD,” concluded James Myazoe, RMI Deputy Registrar of Corporations.