Tax investigations: now Monaco, Hong Kong, Switzerland sign up to OECD plan
The number of countries agreeing to set up systems demanded by OECD countries to allow information exchange in the case of tax investigations is increasing.
Monaco has agreed to make substantial changes to its laws.
Hong Kong and Singapore, which are not regarded as tax havens, have said they will make minor changes to bring their systems into line.
The rush of countries signing up to the scheme is ahead of a G20 finance ministers' meeting next month. It has been widely suspected that they will impose an updated version of the OECD's 1990s list of those engaged in "unfair tax competition" - and merge it with an updated version of the FATF's Non-Co-operative Countries and Territories (NCCT) list - and back it with sanctions despite the fact that there is no legal basis for doing so.
With the threat from the USA of the introduction of The Stop Tax Havens Abuse Bill, there is increasing pressure on vulnerable jurisdictions.
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