Guernsey has signed a bilateral Tax Information Exchange Agreement (TIEA) with Mexico.

The agreement with Mexico – a member of the G-20 and the OECD and the second-largest economy in Latin America – is the first with a Latin American country and takes the total number of TIEAs signed by Guernsey to 24. Of these, 10 are members of the G-20 group of the world's major advanced and emerging economies.

Guernsey's Chief Minister, Lyndon Trott, said: "I am delighted to have signed this TIEA with Mexico. It continues to be a priority for Guernsey to sign TIEAs with such prominent countries. This TIEA is also the first such agreement that Guernsey has signed with a Latin American country.

"The text of the TIEA with Mexico recognises that Guernsey already provides for co-operation and the exchange of information in criminal tax matters and this TIEA demonstrates Guernsey's commitment to the international standards of wider transparency and exchange of information in tax matters."

Under the terms of a TIEA, Guernsey will, on request, exchange bank and other information relating to both criminal and civil tax matters.

Guernsey was within the very first wave of territories placed on the OECD 'white list' at the conclusion of the G20 summit in London, April 2009 and earlier this year, the Global Forum on Transparency & Exchange of Information for Tax Purposes endorsed Guernsey's ongoing commitment to tax transparency and exchange of information.

Guernsey has now signed Tax Information Exchange Agreements (TIEAs) with 24 territories: Australia, Canada, China, Denmark, Faroe Islands, Finland, France, Germany, Greece, Greenland, Iceland, Indonesia, Ireland, Mexico, Netherlands, New Zealand, Norway, Portugal, Romania, San Marino, South Africa, Sweden, United Kingdom and the United States of America.

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