Professor Frank Barry:

That is a very interesting point. I know that when the OECD initially came up with these criteria, even after the fourth one was vetoed by the Americans, there was a whole batch of states that fit those criteria, including all of the Caribbean countries, but the OECD has progressively forced them to take certain actions to extricate themselves from that precise definition. I did not realise they had all been deemed acceptable now. We know, for example, that one of the things the OECD forced them to do was to sign tax exchange agreements with a minimum of maybe eight other states. What the Caribbean islands did was to sign tax agreements with each other, which is generally regarded as doing the very bare minimum to escape being harassed by the OECD. It is a good point. If there are no longer any tax havens in the world, then I suppose we have to come up with a new definition.