37
Standard
Announcing its intentions, the DSF Co-operation and Development (OECD)
noted that the MSAR’s laws would be pertaining to the transparency and the
revised to allow its banking institutions exchange of information, and is, at the
practices
to share information with other jurisdic- present time, proposing legislative revision
tions, if requested. in order to implement said parameters.
“Macau proposed changes to its own
Welcome legislation so as to allow the sharing of
The OECD has applauded
banking information on request by other
Owens, the director of the OECD’s jurisdictions. The legal changes ought to
Macau’s move towards Centre for Tax Policy and Administra- be announced before the end of 2009, at
fiscal reform in line
tion, said recently in Paris: “Macau joins which time Macau will negotiate agree-
Hong Kong, China, Singapore, and many ments on information exchange for tax
with international norms
other major financial centres that have purposes according to the new legisla-
stated they will implement the principles tion,’’ it said.
M
ACAU’S announcement that it of transparency and exchange of infor-
will put in place the Organisation mation. Meeting standards
for the Economic Co-operation “In the current economic climate the
and Development’s principles to promote importance of these standards is increas- DFS director, Orieta Lau, said the
transparency and information exchange ingly apparent. I am particularly pleased steps are part of a permanent effort to
for tax purposes has been welcomed by that Macau has announced that it will meet international standards on fighting
the OECD’s director Jeffrey Owens. make the necessary modifications before all forms of abuse in the financial sys-
Macau’s Financial Services Depart- the end of 2009.’’ tem.
ment Services (DSF) says before the end Macau’s intention to reform came “We introduced substantial improve-
of the year it will implement the princi- through a press note from the DSF which ments in our legislation to combat money
ples it first endorsed at the OECD’s Glo- said: “Macau agreed at the 2005 Mel- laundering and with these steps it’s our in-
bal Forum on Taxation in Melbourne, bourne Global Forum to the parameters tention to reach the parameters for coop-
Australia, in 2005. set by the Organisation for the Economic eration in the 21st Century,’’ said Lau.
april 2009
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