Plan to guarantee Spain transparency, cooperation and information on financial operations

? The Chief Minister Peter Caruana is to offer Spain an agreement to guarantee the 'complete transparency' and the 'maximum cooperation' on the financial centre, as well as the interchange of information on financial matters.

It follows a meeting at No.6 Convent Place on Saturday with Spanish parliamentary reporters.

As a result of this meeting, it is reported that Mr Caruana has said that he is to propose in the tripartite forum an

agreement with Spain to guarantee the transparency of financial operations in Gibraltar.

As already known, the tax-exempt companies will disappear on 1 July 2010 when a 10% tax is to be introduced. Gibraltar, he said, will cease to be a 'fiscal paradise'.

He will be proposing in the forum an agreement with Spain to guarantee 'complete transparency' and 'maximum cooperation' to show that Gibraltar is a financial centre but not a 'fiscal paradise', that is, a tax haven.

While Mr Caruana takes the view that Gibraltar complies with all established legal requirements, he wants to offer guarantees to the Spanish government that such is the case.

The deal would entail an what is being described as an interchange of information about movements in the financial centre to avoid a feeling of opacity.

The reporters were on a visit to the Campo area and the opportunity was taken to invite them to Gibraltar.