OECD approves of Gibraltar's fiscal policy

• Madrid Stock Exchanges warns of 'financial beach huts'
• Minister of the Economy says a 'major step' has been taken on this 'vital subject

GIBRALTAR -- The Rock was busy congratulating itself recently about the approval given by the OECD (Organization for Economic Cooperation and Development) for its new fiscal policies contained in a multilateral agreement on the automatic exchange of information about financial accounts held there. As might be expected, these policies are aimed at smoothing the image of Gibraltar as an offshore tax haven (or 'financial paradise', as the Spanish media call it) that is very difficult to shake off. While Chief Minister Fabian Picardo was slapping backs in Berlin, the Madrid Stock Exchange (CNMV in its Spanish acronym) was warning about the activities being carried out by what the media called a 'financial beach hut' (chiringuito has other connotations, too) operating on Gibraltar: Nova Nordic Limited, which is supposedly not permitted to offer any services on the Rock.

Qatar finances Islamic terrorism as well as Barcelona F.C.

BARCELONA – The Emirate of Qatar is a very small country, but extremely rich. It finances Islamist extremism in Libya, Syria and Iraq (as far as we know) yet maintains close relationships with some of the world’s largest enterprise. Earlier this year, Germany’s Minister for the Economy and Development, Gerd Müler, accused Qatar of financing and arming Islamic State (or whatever anyone settles on calling these appalling terrorists). In the presence of Angela Merkel, the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, stated “I have never and will never support terrorist organisations.” We don’t really know what the Emir considers a terrorist organisation, of course, but it is well known that he finances the groups that are fighting against Al Assad in Syria, that he harbours and finances the top echelon of Hamas, which the UN considers a terrorist organisation. Merkel said she ‘no reason to doubt’ the Emir’s words. As might be expected, in public the two talked about their mutual interest in strengthening the financial relationships between their countries.