In the latest efforts to drive tax transparency between different jurisdictions the government of the Cayman Islands has signed an agreement developed by the Organisation of Cooperation and Economic Development with seven Nordic economies. The bilateral tax information exchange agreement was signed between Sweden, Norway, Denmark, Finland, Greenland, Iceland and the Faroe Islands. Currently the Cayman Islands already hold an agreement to exchange information regarding tax with America, making the latest signatories its eighth agreement. The jurisdiction has also laid out a legislation that allows it to exchange tax information unilaterally with countries that it chooses to identify. Jeffery Owens, the Director of the OECD's centre for tax policy and administration said: 'I welcome the fact that this commitment is now being implemented by the latest TIEAs. Their new legislation is innovative and could speed up the process of implementing the standard.'