 After the worlds´ most powerful countries - the G20- threatened off-shore tax havens with sanctions if they refused to share financial information.
"The proposals have been agreed in principle and, as far as Gibraltar is concerned we could sign a deal tomorrow, we don´t want to be seen as a threat to Spain´s treasury" said Peter Caruana, Chief Minister for Gibraltar.
Gibraltar´s status as a tax haven has earned it a reputation for a popular haunt for millionaires wanting to hide illicit funds. But in order to adhere to G-20´s requirements Gibraltar must pass on six criteria, which include economic co-operation, political structure and even environment.
Spain has already agreed to share information with eight countries, including Luxembourg and Andorra. So far 18 countries with evasive reputations are complying with the G-20´s demands and Gibraltar is keen to follow suit.
"There is no alternative, the world is changing and Gibraltar must adapt, Caribbean Islands may take a while longer to comply with the legislation but this is not possible in Europe. It is impossible to operate in this day and age without transparency" explained former minister and lawyer Peter Montegriffo.
However before any deal is struck Spain is demanding the involvement of the British government. Officials don´t view Gibraltar as influential enough to negotiate a deal without the aid of the U.K.
"We will endeavour to improve the co-operation on fiscal matters" said a Spanish Foreign Office spokesperson yet Gibraltar is refusing to call on the involvement of Britain, citing that none of the 18 international agreements already made have required London´s stamp. |
