Bermuda was yesterday handed a position of influence in the future direction of international tax cooperation matters at a major Organisation for Economic Cooperation and Development (OECD) conference in Mexico City.

The Island was elected joint vice-chairman of the Steering Group of the OECD's Global Forum, at an event attended by 178 delegates representing 70 jurisdictions.

Finance Minister Paula Cox announced the news last night, after hearing reports back from the Bermuda delegation at the two-day OECD Global Forum on Transparency and Exchange of Information for Tax Purposes.

She added that Bermuda had made an offer to host the next OECD Global Forum meeting and expected to know within a month whether the Island had been successful.

Yesterday the Global Forum elected Australia as the chair of the Global Forum, and China, Germany and Bermuda as the vice-chairs.

The news came five months to the day after the OECD labelled Bermuda a tax haven and put the Island on its 'grey list' of countries that had not fully implemented international tax transparency standards.

Much progress has been made since then. Bermuda moved up to the OECD's 'white list' in June and has negotiated tax information exchange agreements (TIEAs) with 16 countries, with more in the pipeline.

"I am delighted today to report of Bermuda's latest achievement in receiving well-deserved recognition and support from both OECD and non-OECD members alike of the Global Forum," Ms Cox said last night.

"Bermuda is honoured to share responsibility for advancing international cooperation in tax information exchange. We take the responsibility very seriously to represent all members of the Global Forum in achieving a global level-playing field based on fairness and transparency."

The Island's election to a position of responsibility by the OECD Global Forum was "a reflection of Bermuda holding the top ranking as a white-listed jurisdiction", she added.

"Our jurisdiction has worked diligently for almost two decades to arrive at this juncture today, with our first TIEA with the United States in 1988, our commitment to uphold the OECD's standards in 2000, and the 14 TIEAs we negotiated with our treaty partners on a bilateral basis to name a few examples," Ms Cox said.

The Minister praised the efforts of Assistant Financial Secretary Wayne Brown, treaty adviser Laura Semos and treaty negotiation team member for Latin America Eduardo Fox, who represented Bermuda at the Global Forum meetings.

The meeting was moved at the last minute to Mexico City from the resort city of Los Cabos, due to the approaching Hurricane Jimena.

"It was not without risk," Ms Cox said. "I speak specifically of the hurricane threat and that the site of the OECD at short notice had to be moved to Mexico City from the original venue. However, undeterred and undaunted, the Bermuda representatives put their head down and worked for Bermuda´s national economic interests."

She added: "In addition to Bermuda achieving a key role in the policy-making body of the Steering Group of the Global Forum, Bermuda also submitted a proposal for the consideration of the delegates for Bermuda to host the next Global Forum meeting.

"This is not automatic, as others have submitted expressions of interest. However, Bermuda as a premier global player is prepared to do its part and we were admirably served by our three representatives who put service ahead of safety and self. We anticipate a decision being made by the OECD Global Forum on this matter within the month."

Ms Cox said the Treaty Unit, set up by Financial Secretary Donald Scott, was providing "value for money" to the public.

Among the ideas discussed at the meeting were a central council that will make sure members are sticking to the rules, a peer review system among the countries, and broadening membership in the OECD's tax transparency forum. The recommendations will be forwarded to the finance ministers of the finance ministers of the G20 countries, who meet later this week.

Angel Gurria, Secretary-General of the OECD, told US television channel CNBC that tax cheats' options were narrowing. "Because there is nowhere to hide, maybe people will feel less inclined to put their money elsewhere.