Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

The Global Forum on Transparency and Exchange of Information for Tax Purposes is the multilateral framework within which work in the area of tax transparency and exchange of information is carried out by over 100 jurisdictions which participate in the work of the Global Forum on an equal footing. The Global Forum is charged with in-depth monitoring and peer review of the implementation of the standards of transparency and exchange of information for tax purposes.  These standards are primarily reflected in the 2002 OECD Model Agreement on Exchange of Information on Tax Matters and its commentary, and in Article 26 of the OECD Model Tax Convention on Income and on Capital and its commentary as updated in 2004, which has been incorporated in the UN Model Tax Convention. The standards provide for international exchange on request of foreseeably relevant information for the administration or enforcement of the domestic tax laws of a requesting party. “Fishing expeditions” are not authorised, but all foreseeably relevant information must be provided, including bank information and information held by fiduciaries, regardless of the existence of a domestic tax interest or the application of a dual criminality standard. All members of the Global Forum, as well as jurisdictions identified by the Global Forum as relevant to its work, are being reviewed. This process is undertaken in two phases. Phase 1 reviews assess the quality of a jurisdiction’s legal and regulatory framework for the exchange of information, while Phase 2 reviews look at the practical implementation of that framework.  Some Global Forum members are undergoing combined – Phase 1 plus Phase 2 – reviews. The ultimate goal is to help jurisdictions to effectively implement the international standards of transparency and exchange of information for tax purposes. All review reports are published once approved by the Global Forum and they thus represent agreed Global Forum reports.

Taxation --- Marshall Islands

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This Selected Issues paper discusses correspondent banking relationships (CBRs) pressures on the Republic of the Marshall Island (RMI). RMI’s two banks currently have access to the US financial system. The Bank of the Marshall Islands is a domestic financial institution providing banking services to a substantial portion of the population and operates five branches throughout RMI, including on the Kwajalein Atoll. RMI, through the Trust Company of the Marshall Islands, provides offshore corporate and maritime registry services. Weak implementation of the anti-money laundering and combating the financing of terrorism (AML/CFT) framework by the authorities contributes to CBR pressures in RMI. The termination of BOMI’s CBR with First Hawaiian Bank would be expected to have significant negative economic repercussions without alternative arrangements. The RMI authorities are strengthening the effectiveness of the AML/CFT framework. Additional steps should be taken to further lower the risk of losing the last US dollar CBR. Once the national risk assessment is completed, an action plan should be developed to address the identified risks.

Marshall Islands--Economic policy. --- Banks and Banking --- Money and Monetary Policy --- Industries: Financial Services --- Criminology --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Illegal Behavior and the Enforcement of Law --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- International Lending and Debt Problems --- Distributed ledgers --- Banking --- Corporate crime --- white-collar crime --- Monetary economics --- Virtual currencies --- Anti-money laundering and combating the financing of terrorism (AML/CFT) --- Currencies --- Correspondent banking --- Technology --- Crime --- Money --- Financial services --- Blockchain and DLT --- Financial services industry --- Technological innovations --- Money laundering --- Banks and banking --- Correspondent banks --- Blockchains --- Databases --- Marshall Islands, Republic of the --- Marshall Islands --- Economic policy.

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This report contains the 2014 “Phase 2: Implementation of the Standards in Practice” Global Forum review of Marshall Islands. The Global Forum on Transparency and Exchange of Information for Tax Purposes is the multilateral framework within which work in the area of tax transparency and exchange of information is carried out by over 130 jurisdictions which participate in the work of the Global Forum on an equal footing. The Global Forum is charged with in-depth monitoring and peer review of the implementation of the standards of transparency and exchange of information for tax purposes. These standards are primarily reflected in the 2002 OECD Model Agreement on Exchange of Information on Tax Matters and its commentary, and in Article 26 of the OECD Model Tax Convention on Income and on Capital and its commentary as updated in 2004, which has been incorporated in the UN Model Tax Convention. The standards provide for international exchange on request of foreseeably relevant information for the administration or enforcement of the domestic tax laws of a requesting party. “Fishing expeditions” are not authorised, but all foreseeably relevant information must be provided, including bank information and information held by fiduciaries, regardless of the existence of a domestic tax interest or the application of a dual criminality standard. All members of the Global Forum, as well as jurisdictions identified by the Global Forum as relevant to its work, are being reviewed. This process is undertaken in two phases. Phase 1 reviews assess the quality of a jurisdiction’s legal and regulatory framework for the exchange of information, while Phase 2 reviews look at the practical implementation of that framework. Some Global Forum members are undergoing combined – Phase 1 plus Phase 2 – reviews. The ultimate goal is to help jurisdictions to effectively implement the international standards of transparency and exchange of information for tax purposes.

Taxation --- Transparency in government --- Law and legislation --- Duties --- Fee system (Taxation) --- Tax policy --- Tax reform --- Taxation, Incidence of --- Taxes --- Finance, Public --- Revenue --- Government in the sunshine --- Open government (Transparency in government) --- Openness in government --- Sunshine, Government in the --- Transparence in government --- Public administration --- Marshall Islands

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This Selected Issues paper outlines economic developments in the Republic of the Marshall Islands (RMI) since independence in 1986, focusing on the challenges posed by dependence on foreign grants, and progress toward achieving budgetary self-reliance. Like most other Pacific islands, the RMI faces a variety of geographical constraints, including limited land area, poor soil, the dispersion of the islands, and the remoteness from major markets. The public sector plays a dominant role in the economy, backed by external assistance. The private economy remains underdeveloped, primarily providing services to the government.

Budgeting --- Labor --- Macroeconomics --- Public Finance --- National Budget --- Budget Systems --- Taxation, Subsidies, and Revenue: General --- National Government Expenditures and Related Policies: General --- Wages, Compensation, and Labor Costs: General --- Aggregate Factor Income Distribution --- Budgeting & financial management --- Public finance & taxation --- Labour --- income economics --- Extra-budgetary funds --- Revenue administration --- Expenditure --- Wages --- Income --- Public financial management (PFM) --- National accounts --- Budget --- Revenue --- Expenditures, Public --- Marshall Islands, Republic of the

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

Banks and Banking --- Exports and Imports --- Infrastructure --- Macroeconomics --- Agribusiness --- Nonprofit Organizations and Public Enterprise: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Industry Studies: Transportation and Utilities: General --- International Lending and Debt Problems --- Agricultural Markets and Marketing --- Cooperatives --- Public ownership --- nationalization --- Banking --- International economics --- Agriculture, agribusiness & food production industries --- Public enterprises --- Bank deposits --- Transportation --- Amortization --- Agroindustries --- Economic sectors --- National accounts --- External debt --- Financial services --- Government business enterprises --- Banks and banking --- Saving and investment --- Debt service --- Agricultural industries --- Marshall Islands, Republic of the