Bermuda will host a forum of the Organisation for Economic Cooperation and Development (OECD) — the organisation which last year labelled the Island a tax haven.

The 2011 OECD Global Forum on Transparency and Exchange of Information for Tax Purposes will bring 200 delegates representing 70 jurisdictions and international organisations to the Island.

The OECD placed the Island on its "grey list" of tax havens, but Bermuda moved into the "white list" last June after Bermuda signed the tax information exchange agreements (TIEAs) with 12 nations.

By doing so, Bermuda became the first nation to move into the "white list," and in September, the Island was elected to the position of Vice Chair of the Steering Group of the new Global Forum.

The Island has now signed an additional six TIEAs, with more expected in the coming months.

Finance Minister Paula Cox said yesterday that she was delighted by the announcement, saying: "It is a notable achievement, in particular for a small offshore jurisdiction such as ours.

"This will be a major undertaking for Bermuda and will benefit many segments of the population associated with hosting a large conference, in particular hotels, retailers and restaurants, to name a few."

Bradley Kading, Executive Director and President of the Association of Business Insurers and Reinsurers called the announcement tremendous. "This achievement should cement in the minds of international public policymakers that Bermuda is a transparent and cooperative jurisdiction with regard to tax law cooperation and enforcement efforts," he said.