Samoa Now on the OECD White List08 February Since 2002, Samoa has been under pressure to enter into Tax Information Exchange Agreements (TIEA) with a number of countries such as Australia and New Zealand. This pressure has come from multilateral organizations such as the Organization for Co-operation and Economic Development (OECD) and the Financial Action Task Force (FATF). Prior to 2009 Samoa resisted, arguing that a "level playing field" was not in existence. Recent developments globally have meant that these requests to enter into TIEAs could no longer be ignored. The G20 was threatening to introduce sanctions and other defensive measures, leaving Samoa no option but to enter into negotiations with both OECD and Non OECD countries. On 1 and 2 September 2009, a delegation from Samoa including the Governor of the Central Bank of Samoa and Chairman of the Samoa International Finance Authority Board of Directors, Governor Scanlan, and the Attorney General of Samoa, Ming Leung Wai, attended the 5th OECD Global forum in Los Cabos Mexico. One of the objectives of attending this meeting was to facilitate the initialing and signing of TIEAs between Samoa and other countries, including OECD nations. Samoa initially entered into negotiations with 17 countries and signed TIEAs with Australia, Denmark, Faroes, Finland, Greenland, Iceland, Ireland, Netherlands, Norway, Principality of Monaco, San Marino and Sweden. These agreements will only become effective upon enactment of enabling legislation, the International Financial Services Co-operation Bill 2009/2010. TIEAs are also expected to be signed this year with Italy, Korea, Mexico and New Zealand. An agreement with Greece is still under negotiation. The recent progress report on the jurisdictions implementing the internationally agreed tax standard as surveyed by the OECD Global Forum listed Samoa as having substantially done so. Samoa has therefore now been removed from the OECD grey list. A copy of the OECD's Progress Report can be viewed at |