As part of efforts agreed at the London Group of Twenty summit in April the Organisation for Economic Co-operation and Development’s (OECD) published a blacklist which designated Costa Rica, Malaysia, the Philippines and Uruguay as non-cooperative, reports the Financial Times. Leaders at the summit said that “they would crack down on tax havens, including sanctions against non-cooperative jurisdictions, by using information from the OECD,” writes Reuters.

All four countries were moved to a “grey list” after agreeing to accept international tax reporting standards. In a press release the OECD said, “They have now officially informed the OECD that they commit to co-operate in the fight against tax abuse, that this year they will propose legislation to remove the impediments to the implementation of the standard and will incorporate the standard in their existing laws and treaties.”

According to Reuters, the “grey list” contains countries that have “agreed to improve transparency standards but have not yet signed the necessary international accords.” The list also includes Luxembourg, Switzerland, Austria, Belgium, Singapore and Chile as well as the Cayman Islands, Liechtenstein and Monaco.

European Union Commissioner for Taxation and Custom Union Laszlo Kovacs said, “Commitments are the first step; we're more interested in the implementation. We need a level playing field and are looking forward to quick implementation of the standard” (Wall Street Journal).

According to research from Oxfam, “Developing countries miss out on up to [US] $124 billion every year in lost income from offshore assets held in tax havens.”

To read Transparency International’s recommendations to the G20 on financial offshore centres and what needs to be done to enshrine transparency and accountability in all economic rescue and reform measures, please click here