Costa Rica Removed from Tax Haven “Grey List”

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The Organization for Economic Cooperation and Development (OECD) removed Costa Rica from its “grey list” of tax havens after signing its 12th international agreement to exchange tax information in Paris last week.

The 35th country to obtain this classification, Costa Rica has now signed agreements with France, the Netherlands, Mexico, Australia, Denmark, Finland, Greenland, the Faroe Islands, Iceland, Norway and Sweden, according to La Prensa.

The OECD’s “grey list” has traditionally been reserved for countries that have committed to change, but still lack the transparency or governmental institutions to do so.  Guatemala and Uruguay still remain on that list. Other Latin American countries are making progress as well.  Panama was also removed from the OECD’s “grey list” after signing its 12th international tax agreement with France.

Costa Rica has been an important transit point not only for cocaine shipments but also for illicit financial transactions according to the International Narcotics Control Strategy Report on financial crimes published a few months ago.  Its removal from the OECD’s list of tax havens may indicate further progress in its battle to confront other financial crimes.

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