page_title: Global Forum on Transparency and Exchange of Information for Tax Purposes
section_title: Stepping-up of efforts after the financial crisis of 2007-08
hierarchical_section_title: Global Forum on Transparency and Exchange of Information for Tax Purposes / History / Stepping-up of efforts after the financial crisis of 2007-08
caption_attribution_description: English: 2009 G-20 Summit한국어: 2009년 런던 G20 정상회의
context_page_description: The Global Forum on Transparency and Exchange of Information for Tax Purposes was founded in 2000 and restructured in September 2009. It consists of OECD member countries as well as other jurisdictions that have agreed to implement tax related transparency and information exchange. The Forum works under the auspices of the OECD and G20. Its mission is to "implement the international standard through two phases of peer review process". It addresses tax evasion, tax havens, offshore financial centres, tax information exchange agreements, double taxation and money laundering.
  In 2000, the Forum published a blacklist of 35 tax havens, which by 2009 had shrunk to zero. It has since focused on increasing the standard for exchange of information. As of November 2019, the Forum had 158 member tax jurisdictions and the European Union, all on equal footing.
context_section_description: The activities against tax havens were only expanded after the financial crisis of 2007-08. At the April 2009 G-20 London summit tax havens were divided into a "blacklist" of non-committers and  a "graylist" of non-implementers, based on compliance with the request-based "internationally agreed tax standard". The actual list included three categories:
  40 countries and territories substantially implemented the standard
  38 countries and territories committed to but had not yet substantially implemented the standard
  4 countries  had not committed to the standard.
  The list of non-implementers initially included, among others, Austria, Belgium, Luxembourg and Switzerland. The list of non-committed included Costa Rica, Malaysia, the Philippines and Uruguay. Within five days Costa Rica, Malaysia, the Philippines and Uruguay made "a full commitment to exchange information to the OECD standards" and were removed from the "blacklist" which was thus empty. 
  Panama was ‘white listed’ because it signed a tax information exchange agreement (TIEA) with France.
  The British Virgin Islands and the Cayman Islands were white listed by August 2009.
  No G-20 country was on the greylist of non-implementers, prompting Luxembourg Prime Minister Jean-Claude Juncker to criticise it for failing to include various states of the USA which provide incorporation infrastructure indistinguishable from the tax havens on the G-20 blacklist. Der Spiegel called the list "The World's Shortest Blacklist" and "the Fight against Tax Havens Is a Sham".
  At a meeting in Mexico in September 2009, the Global Forum was restructured and received its own Secretariat. The main decisions were:
  Agree on restructuring the OECD Global Forum to expand its membership and ensure its members participate on an equal footing;
  Agree on how to establish an in-depth peer review process to monitor and review progress made towards full and effective exchange of information; and
  Identify mechanisms to speed-up the negotiation and conclusion of agreements to exchange information and to enable developing countries to benefit from the new more cooperative tax environment.
caption: Leaders of the G-20 countries at the London Summit in 2009
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