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Following Thursday's meeting of the G-20 leaders, the OECD published a report on 82 financial centres assessing their progress towards the "internationally agreed tax standard". This standard requires exchange of information on request in all tax matters for the purposes of administering and enforcing domestic tax law.

The OECD progress report recognises the strong position of the Cayman Islands, the British Virgin Islands and Jersey as financial centres committed to meeting the highest international standards.

In its report, the OECD divided the 82 jurisdictions into three categories:

1. A "white list" of jurisdictions that have substantially implemented the internationally agreed tax standard. In addition to most of the larger economic powers, this list includes Jersey, which recently signed new tax information exchange agreements with France and Ireland.

International law firm Walkers points out it has been operating a full service Jersey office since 2006, providing advice on all aspects of Jersey law with particular emphasis on matters of corporate and international finance law. Jersey's position on the "white list" reaffirms that Jersey has a model tax regime which meets the highest standards of transparency and regulation. This endorsement will bolster Jersey's reputation as a hub for investment funds and structured finance vehicles.

2. A "grey list" of jurisdictions that have committed to the internationally agreed tax standard, but are ......................

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