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G-20 lists six Pacific islands on ‘grey list’

By Jemima Garrett

MELBOURNE, Australia (Radio Australia, April 9, 2009) - Cook Islands says meeting stricter G-20 requirements for tax havens is a priority.

The Deputy Prime Minister and Finance Minister Sir Terepai Maoate says he welcomes the G-20 call for more transparency in the international flow of tax information.

Sir Terepai says he has instructed his officials to place a priority on making the legislative amendments necessary for Cook Islands to enter into tax sharing agreements.

Agreements will then have to be negotiated, separately, with each G-20 country.

Financial supervisory commissioner, Lorraine Allan, says with only 6 Crown law officers to meet all of Cook Islands legal needs, it will be hard to meet the G-20 deadline.

She says she would like to see some assistance from the OECD.

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