Swift action to adopt OECD standard vital

IT is a great relief that Malaysia has been taken off the Organisation for Economic Cooperation and Development’s (OECD) list of jurisdictions that had not committed to internationally agreed standards for exchange of information (EOI), which some have called the “blacklist”.

Remaining on this list would be detrimental to the economy in view of the possibility of sanctions being imposed, as this will result in Malaysia becoming very unattractive as an investment destination for foreign investors.