Malaysia has joined the Organisation for Economic Cooperation and Development's White List, which lists jurisdictions deemed to have implemented the international group's standards for transparency and exchange of information between countries.

Malaysia has since April 2009 signed enhanced Double Taxation Agreements covering the sharing of financial information with twelve other nations: Belgium, Brunei, France, Ireland, Japan, Kuwait, Netherlands, San Marino, Senegal, Seychelles, Turkey and the United Kingdom. The government said it continues to forge similar agreements with more countries this year.

Membership to the OECD White List has been aggressively coveted by countries worldwide after the UBS tax transparency issue erupted and consequently left several so-called tax havens with questionable reputations over the past year.

"Malaysia is committed to internationally agreed standards and practices governing international financial services and transactions, especially in the area of exchange of information. The white-listing is a testimony to this fact," said Dato Seri Ahmad Husni Hanadzlah, the minister of finance II, in a statement.

The white listing fits well with the eight new laws recently passed by the Parliament, which aim to enhance the operational platform of the Labuan International Business and Financial Centre. Mr Hanadzlah said that the move would provide a more stable ground for LIBFC to become a major regional and global offshore financial hub.