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Government of Saint Lucia’s Press Statement on the OECD

Contact: Principal Information Officer

Thursday, February 28, 2002 - After several meetings held in St. Lucia with representatives of the OECD from the year 2001, St. Lucia is pleased to announce that it will participate in the OECD’s initiative on harmful tax practices.

The Government of St. Lucia is cognizant of the OECD position on harmful tax competition, in particular its concerns with respect to the key principles of transparency and effective exchange of information.

The Government of St. Lucia has already adopted a strong regulatory structure for the financial services sector. This includes licensing and regulation of service providers, approved Know Your Customer standards, anti money laundering legislation and cooperation with international bodies such as the International Monetary Fund (IMF) and the Financial Action Task Force (FATF). St. Lucia has also a tax information exchange agreement with the United States and stands ready to enter into similar agreements with other countries, including OECD Members.

In discussions with the OECD held in February 2002 it became apparent that St. Lucia largely satisfies the elements sought by this OECD project. Its commitment will further strengthen St. Lucia’s position as an emerging, well-regulated, financial centre.

St. Lucia is publishing the attached annex and thereby re-affirms its existing commitment to the principles of transparency and effective exchange of information in tax matters and outlines how it will continue to implement that commitment.

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