The Government of Guernsey has a long commitment to being a well regulated, co-operative and transparent international finance centre. Guernsey has been fully committed to the OECD Project on Transparency and Exchange of Information for Tax Purposes for many years and concluded its first TIEA with the United States of America in September 2002. TIEAs are agreements that Guernsey can enter into with other countries. These create international obligations upon Guernsey to provide information to the taxation authorities of another country in response to specific requests for information, provided that a number of conditions are satisfied. So far, Guernsey has signed 59 TIEAs including with South Africa on 21 February 2011 which came in force with effect from 26 February 2012. South Africa is a G20 Member. Details of current TIEAs can be found here. Guernsey has concluded discussions on TIEAs with Ghana, Kenya, Republic of Korea (G20 Member), Malawi, Spain (EU Member State) and Zambia. Russia (a G20 Member) has declined Guernsey’s offer to negotiate. TIEAs should permit the making of arrangements for automatic exchange of information. Guernsey FIs will transmit the data required for compliance with the TIEA and other inter-governmental tax information exchange agreements to the States of Guernsey Income Tax Office using their IGOR system (Information Gateway Online Reporter) unless otherwise advised by the States of Guernsey Income Tax Office. They will electronically send the data to the customer’s local tax authority. Richmond will only enter the automatic exchange of financial account information in tax matters with the States of Guernsey Income Tax Office and never directly with a customer’s local tax authority.