The Bahamas has joined the stampede of offshore centres signing up to agreements allowing for tax information exchange with the "seven for the price of one" Nordic economies (Denmark, the Faroe Islands, Finland, Greenland, Iceland, Norway and Sweden).

The jurisdiction had previously signed 11 such agreements, including those with important regional and economic partners Mexico, the US and the UK.

Jurisdictions having signed at least 12 agreements that meet the internationally-agreed OECD tax standard are considered to have substantially implemented that standard.  Accordingly, the Bahamas now moves into the substantially implemented category, becoming the twenty-second jurisdiction to do so.

Jeffrey Owens, director of the OECD’s Centre for Tax Policy and Administration, said: “Given the role that the Bahamas plays in the financial world, I am particularly pleased that they have made significant progress and they continue to expand their network of partners with whom they can exchange tax information.”