Bermuda has concluded its 15th tax information exchange agreement (TIEA) after Finance Minister Paula Cox announced the latest bilateral agreement with the Netherlands Antilles yesterday.

The agreement provides for a full exchange of information on criminal and civil tax matters between the two countries.

Bermuda was removed from the Organisation for Economic Co-operation and Development (OECD)'s "grey list" and put on its "white list" following the signing of its 12th TIEA with The Netherlands in June.

The Island has also concluded negotiations with Aruba, which are set to be signed soon, thus completing TIEAs with both of The Netherlands' overseas territories.

Minister Cox said: "Bermuda now having concluded a TIEA with Netherlands Antilles draws Bermuda that much closer to the Netherlands and its overseas territories."

The Netherlands Finance Minister Ersilia de Lannooy, who signed the TIEA on behalf the Netherlands Antilles, said: "The conclusion of the TIEA with Bermuda reconfirms the Netherlands Antilles' ongoing commitment to international standards in order to guarantee the integrity and stability of the financial markets." Bermuda now has agreements signed with the US, the UK, Australia, New Zealand, the Nordic Group, Germany, Netherlands and Ireland.