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CHAPTER II

TAX HAVEN FEATURES IN OECD COUNTRIES

“It does not surprise anyone that the most important tax haven in the world is an island.

They are surprised, however,… that the name of the island is Manhattan. Moreover, the

second most important tax haven in the world is located on an island. It is called London

in the United Kingdom.42

The Caribbean Community (CARICOM) as well as other regional Western Hemisphere

organizations such as the Organization of American States have been virulent in their

stance against the position taken by the OECD and Financial Action Task Force against

their member countries economies. Their position has been that too many abuses of

preferential tax policies can be found in the laws of the leading OECD states and that the

organization needs to tackle the problems that lie within its own membership first. This

chapter provides an accurate highlight as to why the above argument by CARICOM and

others is indeed a legitimate one. As an added support to their arguments, several leading

international tax experts have similarly concluded that the OECD initiatives despite its

well intention motives are half-baked and ultimately unfair to the smaller economies.43

42 Text of Speech presented at a meeting of the International Tax Planning Association on November 20, 2000. In the report, Langer has argued that many of the members of the OECD are tax havens themselves and that the OECD should not attack non-members for harmful tax competition until its members clean up their own tax systems.

43 See generally comments by Dr. Daniel Mitchell of the Heritage Foundation supra note 37 and Ibid note 46

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