Following Monaco’s recent execution of the OECD Multilateral Convention on Mutual Administrative Assistance in Tax Matters, as reported in our Bulletin of 15 October 2014, Columbia has removed the Principality from its list of tax havens under Decree 1966 of 2014.
Other countries removed at the same time from the tax havens list included United Arab Emirates and Barbados which signed tax information exchange agreements and Panama, which signed a memorandum of understanding to cooperate on the exchange of tax information and money laundering and agreed to negotiate a double taxation treaty to OECD standards by September 2015. There remain a further thirty seven countries on Columbia’s tax haven list.