His Excellency Cornelius A. Smith, Ambassador Extraordinary and Plenipotentiary, today in Washington executed on behalf of the Government of the Commonwealth of The Bahamas, a [tax information exchange agreement](http://www.bfsb-bahamas.com/international/091599300.pdf) (TIEA) with the Government of the Republic of Korea.
The agreement represents the twenty-fifth TIEA that The Bahamas has signed and marks the fourth with a major Asian economy.
Amb. Smith said the Government of The Bahamas welcomes the conclusion of this Agreement with Korea, a fellow active participant in the ongoing work of the OECD Global Forum on Transparency and Tax Information Exchange and its Peer Review Group. *“The Bahamas and Korea both have been active supporters, through their respective experts on the United Nations Committee of Experts on International Cooperation in Tax Matters, of even and fair standards for governing global financial activities. This was particularly evident during the period of 2007 and 2008 when the United Nations endorsed the globally agreed standards for tax information exchange.”*
The Ambassador further noted that the involvement of the government of The Bahamas and Korea in the international tax cooperation work of the UN and the OECD demonstrates the mutual commitment to the effective implementation of accepted international standards for financial regulation and cross-border cooperation.
Signing on behalf of Korea was H.E. Duck-soo HAN, Ambassador to the United States and The Bahamas for the Republic of Korea.