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- Niue off shore banking law repealed
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Niue, a self-governing State in Free Association with New Zealand
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Niue, lies between Tonga, Samoa and the Cook Islands. Earlier this year, the US reportedly imposed sanctions on Niue because of links to Latin American tax haven operations.
Niue licenses six offshore banks, operating in Australia, which the Organisation for Economic Cooperation and Development (OECD) has been trying to close down.
In June this year the Niue Legislative Assembly finally repealed the Niue legislation which authorised the issuing of banking licenses. The successful repealed occured at the last sitting of the Niue Legislative Assembly as reported by Associate Minister MP Michael Jackson in his report filed for Radio Pekape.
The earlier attempt by Niue to repeal the legislation in March was stopped after a current bank license holder threat to sue the Government of Niue.
The repealing of the Niue offshore banking legislation will lead to Niue's name removed from OECD's so called "black list" of nations. The list classified national jurisdictions who are less co-operative in meeting international demands to reduce harmful tax competition. Niue now expect to receive thousands if not millions and millions of promised overseas aid.
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