GIB NOT COOPERATING ON TAX MATTERS

According to El Pais newspaper, the Spanish government intends to ask the Organisation for Economic Cooperation and Development (OECD) to put Gibraltar back on the black list of financial havens, because the Spanish tax authority considers that the Rock is not cooperating in the fight against money laundering. A tax authority said that no advances have been made in collaboration on fiscal and tax matters, and that Gibraltar remains opaque, inaccessible and impenetrable. He said the information received is “scant and hardly useful”. He said that other territories, such as Jersey, those based in the Caribbean and even Andorra, are supplying greater information to help Spain fight against money laundering. There are 28,000 active companies on the Rock, in addition to an unknown number of foundations and trusts. El Pais estimated that 115 lawyers and 28 lawyers’ offices are engaging in activities which are outside the control of the financial authorities. It said 19 banks and 10 branches of international banks have offices on the 6.5 square kilometres of the Peñon.

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