The OECD global forum on tax transparency has issued its latest review of Guernsey's tax standards.

This is part of the annual peer review of tax jurisdictions, which included Cayman Islands, Belize, Poland, Portugal, Singapore, Belgium, Sweden and Turkey.

The phase 2 review of the Channel Island said that 'although Guernsey started receiving requests for information relatively recently, the authorities have gathered and exchanged the information requested quickly and are developing cooperative relationships with all relevant partners'.

It also 'noted that Guernsey has enhanced its regulatory framework, ensuring the retention of reliable accounting information that includes underlying documentation for all entities'.

The review examined Guernsey's compliance with the global forum's terms of reference, some 41 in all. Guernsey was deemed to have all of the essential elements assessed to date in place. Guernsey chief minister, Peter Harwood, said: 'This is a rigorous examination by expert assessors versed in the legal and practical systems required to comply with international standards in this field.

'Guernsey was one of the first jurisdictions to have undergone a stand-alone Phase 2 review, and has been found to have all of those essential elements that have been assessed in place. In short, we have shown that we continue to meet the international standards of transparency, co-operation and information exchange in tax matters.'

The review kicked off in late 2010 and examined its legal framework, while the second phase at the end of 2012, examined the practical systems in place for effective exchange of information.

Guernsey's income tax office led its response to the two phases of the peer review with detailed technical input from others including St James' Chambers, Commerce and Employment, the Guernsey Financial Services Commission, the Company Registry and the Guernsey Border Agency.

Treasury minister Gavin St Pier, said: 'Guernsey has been committed to the principles of transparency and exchange of information for tax purposes since making a political commitment to the OECD in 2002. We have 40 signed Tax Information Exchange Agreements (TIEAs) and five Double Taxation Agreements (DTAs), all of which meet the highest international standards. More are in various stages of negotiation.

'We also exchange information under agreements equivalent to the EU Savings Tax Directive (EUSTD) and we are in negotiation with the US on an Intergovernmental Agreement (IGA) relating to the Foreign Account Tax Compliance Act (FATCA) and with the UK on a similar package of measures.'

The 120-member Global Forum will update the G20 on the findings from Guernsey's report when its finance ministers and central bank governors meet on 18-19 April 2013.