Finance Minister Paula Cox signed tax information-sharing agreements with eight countries yesterday — and then said Bermuda's inclusion on the OECD's tax transparency "grey list" was "misleading".

The Deputy Premier spent the day in Washington, DC, where she signed tax information exchange agreements (TIEAs) with the seven countries of the Nordic Group at the Swedish Embassy and another one with New Zealand at its embassy in the US capital.

That means Bermuda now has 11 tax information exchange agreements (TIEAs) signed and sealed and needs another one to meet the minimum standard set by the Organisation for Economic Cooperation and Development (OECD). Ms Cox expects the Island to sign its 12th TIEA with Germany next month. Another has already been negotiated with the Netherlands.

On April 2, the day of the G20 Summit in London, where leaders of the world's most powerful countries pledged to clamp down on tax havens, Bermuda was included in the "grey list" of jurisdictions that have committed to international tax transparency standards but have not yet implemented them.

Since then Britain's Prime Minister Gordon Brown has written to all UK-affiliated offshore financial centres, including Bermuda, urging them to meet OECD standards by September.

The Government has declined to comment on the letter, and has not made its contents public. In the version sent to the British Virgin Islands, Mr. Brown writes: "Given the developments at G20 and, in particular, the identification of a tool box of sanctions which will be applied against those who do not meet the international standard, I urge you to achieve the standard of 12 TIEAs or equivalent arrangements before the UN General Assembly in September."

Ms Cox said in a speech to the National Press Club in Washington yesterday: "The lack of recognition of efforts by countries such as Bermuda to advance the tax initiatives of the OECD and the G20 is curious, given our position of having already concluded 12 TIEA negotiations. For the record, Bermuda has now signed 11 TIEAs with United States, Australia, United Kingdom, Denmark, Norway, Sweden, the Faroe Islands, Greenland, Iceland, Finland and New Zealand.

"Plans have been made to sign a bilateral agreement with other OECD members including Germany in the very near future. There is no question that Bermuda is a country that meets the criteria of international cooperation and transparency required by OECD."

The "grey list" was split into two parts — one of countries, including Bermuda, labelled "tax havens" and another group, including Switzerland and Singapore, which were labelled "other financial centres".

"Bermuda is not a tax haven," Ms Cox said. "OECD has stated that in relation to tax matters, the only distinction to be made between jurisdictions is on the basis of whether or not they are cooperative. Bermuda is cooperative and has now concluded 12 tax information exchange agreements.

"The published list of April 2, 2009 did not stand on this principle alone as there were more than two categories. We therefore consider the list to be misleading with respect to the substantive position and progress of many jurisdictions listed therein. Our jurisdiction is a well regulated and cooperative financial centre with a specialisation in insurance."

Ms Cox said yesterday was an historic day for the Island, with the signing of a record eight TIEAs. And she stressed why she believed Bermuda should have been included on the OECD's "white list" of fully compliant countries.

"The organisation of today's signings was coordinated well in advance of the G-20 meeting held on April 2, 2009 in London," Ms Cox said. "Further, Bermuda had advised both the OECD and the United Kingdom of the successful completion of the TIEAs and the confirmed date for signing these bilateral agreements."

Bermuda's commitment to OECD standards goes back further than all but three other grey-listed countries to 2000.

"Bermuda meets the highest standards of transparency, and adds stability to the international financial system through efficient and transparent working of our international insurance and reinsurance markets," Ms Cox said.

"As an international financial centre, we do not tolerate persons who seek to hide from proper regulation and have established regulatory regimes which the International Monetary Fund has found to be compliant with recognised international standards."

The bilateral agreements provide for full exchange of information on criminal and civil tax matters between the countries.

The TIEA will enable tax authorities to access information about any persons who are seeking to evade payment of tax and will also help disclose assets that have not been reported in their home country. Information to be exchanged includes information on beneficial ownership of companies in the whole ownership chain; settlors, trustees and beneficiaries of trusts, and information held by banks and financial institutions.

Bermuda signed TIEAs with the US in 1988, Australia in 2005 and the UK in 2007.