The Global Forum on Transparency and Exchange of Information for Tax Purposes issued phase one peer reviews covering the legal and regulatory frameworks for transparency and exchange of tax information in Bermuda, Botswana, Cayman Islands, India, Jamaica, Monaco, Panama, Qatar. The reports describe each jurisdiction's rules for ensuring that information is available, how it can be accessed by competent authorities and the mechanisms in place to exchange the information with foreign tax authorities.

The Global Forum is the multilateral framework within which work in the area of transparency and exchange of information has been carried out by both OECD and non-OECD economies since 2000. These latest reports include recommendations on how jurisdictions can improve their co-operation in international tax matters. The deficiencies identified commonly related to access to information including information on nominees, trusts and the need to maintain good accounting records.

More than 100 jurisdictions and observers are now part of the Global Forum, with Botswana, Jamaica and Kenya welcomed as the newest members last month. All these jurisdictions, as well as others identified by the Global Forum as relevant to its work, are participating in reviews of their systems for the international exchange of information in tax matters.