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Oct 30 - MCAA Signing Reflects Gibraltar’s Commitment to Fighting Tax Evasion and Fraud

mcaaDuring his time in Berlin this week, at the OECD Global Forum the Chief Minister signed the Multilateral Competent Authority Agreement Automatic Exchange of Financial Account Information (MCAA), which is generally known as Global FATCA.

The signing ‘places Gibraltar at the forefront of international tax cooperation and information exchange, together with some fifty countries and territories including the Crown Dependencies and Overseas Territories,’ the Chief Minister claims.

The agreement aims to combat the global combat against tax fraud and evasion. Business Insider claims that under the deal, member states that have signed on will implement an automatic data exchange, as from 2017.

Some fifty countries and territories signed the MCAA with the majority of these being represented by their respective Ministers of Finance including the UK Chancellor George Osborne and the Finance Ministers of France, Germany, Italy and Spain. mcaa signing

Commenting on the matter Mr Picardo noted that this move underscored Gibraltar’s absolute commitment to a culture of compliance with international standards of transparency.

He added that it ‘reflects our continued role at the forefront of the fight against tax evasion and fraud. We are making it entirely impossible for any state or entity to credibly argue that Gibraltar is anything other than a leader when it comes to compliance with modern standards of internationally established frameworks, in particular those applicable within the European Union which are amongst the most exacting in the world.’