"Even while arguing for tighter regulation of corporate vehicles in small countries, the OECD is effectively excusing large OECD corporate domiciles, such as Delaware and Nevada in the United States, from compliance with new rules," he said.

The OECD has attempted to crack down on crimes such as money laundering by identifying jurisdictions that allow such activities to take place.

"The scourge of corporate crime, such as fraud and money-laundering, is one which I believe we all -- OECD and non-OECD alike -- are firmly resolved to stamp out," Mr. O'Neal said. "The government of the British Virgin Islands is concerned, however, that the OECD's work in this area may not prove effective. It is simply too selective."

He concluded by stating that all countries should have to enact similar laws in dealing with corporations.

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Source: The BVI Beacon, British Virgin Islands. --03rd October 2002--