The Bahamas and the UK have signed a Tax Information Exchange Agreement, allowing the group of islands to move one step closer to the “white list” of the Organisation for Economic Co-operation and Development.

The OECD-conform agreement will allow tax information exchange between the two countries as soon as it has been incorporated into the respective domestic laws.

So far, the Bahamas have signed TIEAs with the US, San Marino and Monaco. It is also in negotiations about further TIEAs with other OECD countries in order to make it onto the OECD’s white list of co-operative financial jurisdictions. Twelve such agreements have to be signed to make it onto the list.

Recently Gibraltar reportedly made it onto the white list; dozens of jurisdictions have been signing TIEAs, following the move by large industrialised and emerging market nations this year to crack down on what they regard as uncooperative tax havens.