Marshall Islands removed from Non-Cooperative Countries List in Greece

Flags, Legal — By on March 6, 2018 at 10:20 AM

International Registries, Inc. (IRI) had a successful seminar on the Republic of the Marshall Islands (RMI) Associations Law in Greece on Monday, 26 February 2018. Coincidentally, the week prior, the Official Government Gazette published a Legal Note covering the ruling by the Greek Ministry of Finance to remove the RMI from the list of non-cooperative countries.

The seminar covered amendments to the RMI Associations Law, as well as steps towards building a workable dialogue with the European Union. These topics were followed in the afternoon by a panel discussion on practical developments for RMI business entities, expertly moderated by Theo Xenakoudis, Director, Worldwide Business Operations (IRI Piraeus).

The panel included Iro Bei, Legal Counsel (Major & Grove International Law Offices); Anne Legregeois, Regulatory Affairs European Consultant (IRI London); Raymond Simpson, Partner (Reeder & Simpson P.C.); Basil Spiliopoulos, Senior Partner (Daniolos Law Firm); and Alison Wilson, Senior International Counsel, Head of Office (IRI Long Beach).

Please find below, in English and Greek, a Legal Note covering the ruling/decision by the Ministry of Finance relating to the non-inclusion of the Marshall Islands to the list of non-cooperative countries (Official Governmental Gazette published on 16 Feb 2018 is linked below):

“In furtherance to the mentioned during the recent conference and for reasons of due information of the users of companies under the law of the Marshall Islands, the relevant decision of the Minister of Finance, as incorporated to the ruling / circular (POL) 1024/2018 which has been published in the Official Governmental Gazette (FEK B’ 542/16.02.2018), is attached hereto, pursuant to which, retrospectively from the date 01.04.2017, the Marshall Islands are not included to the list of non-cooperative countries. It is noteworthy that this development, by the Greek regulatory administration, follows and reflects the respective development of the classification of the Marshall Islands under the relevant OECD regime.”

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To view the Official Government Gazette’s Legal Note, click here.  (text in Greek)

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