Havens leave blacklist as OECD removes Virgin Islands, Cayman

TAX HAVENS the British Virgin Islands and the Cayman islands have been removed from an official &ldquo;grey list&rdquo; of countries that disregard tax secrecy laws.<br /><br />Homes to countless hedge funds due to their low taxes and secrecy, the nations are now on the Organisation for Economic Cooperation and Development&rsquo;s (OECD) white list. <br /><br />Both nations signed tax pacts with New Zealand, meaning they now have the necessary 12 bilateral agreements to move off the watch list.<br /><br />OECD head of tax policy and administration Jeffrey Owens said six states have now moved onto the white list since April.<br /><br />This comes after a global push to prevent tax evasion and avoidance as developed nations plunge into deficits in the recession. <br />