NASSAU, BAHAMAS — A Bahamian expert on financial regulations and international taxation was elected to sit on the leading international advisory committee on global tax standards for the Organization for Economic Co-operation and Development (OECD).
Stephen Coakley-Wells, the director of Regulatory and International Affairs at the Ministry of Finance, was voted to the Steering Group of the G20/OECD Inclusive Framework on BEPS (Base Erosion and Profit Shifting), headquartered at the OECD in Paris, France.
Coakley-Wells, who is trained as an economist and lawyer, was elected by the 137 members of the Inclusive Framework on BEPS, out of a field of 12 other international financial regulation experts from around the world. He is internationally recognized as an authority on the regulatory and governance standards underpinning global financial markets.
The Steering Group consists of 26 Inclusive Framework Members States. It is responsible for policy making in respect of standards and guidelines related to the 15 thematic BEPS actions, and sets out a variety of measures ranging from new minimum standards, the revision of existing standards, as well as common approaches to facilitate the convergence of national practices, and technical guidance drawing on best practices in international financial systems. This represents the first time that a “no or nominal tax” jurisdiction, which are often underrepresented or completely absent from the policymaking bodies that develop international financial regulations, will have direct involvement on the Steering Group.
Coakley-Wells will play a strategic role in advancing the viewpoint and concerns of The Bahamas and other “no tax jurisdictions” in the Inclusive Framework’s ambitious agenda to tackle harmful tax practices. The Bahamas has been a member of the Inclusive Framework since 2017.