- 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.
