Russia has been asked to join a key Organization of Economic Cooperation and Development (OECD) group committed to the fight against bribery, and to accede to the Organization's Anti-Bribery Convention, a move seen as an important step in Russian membership negotiations.

Switzerland needs to close loopholes in its tax law if it is to comply with international standards, according to a review to be released soon.

Amendments to Russia's transfer pricing rules, designed to improve efficiency and reduce tax avoidance, have been welcomed by the Organization of Economic Co-operation and Development (OECD), which says such changes would bring them largely in line with international standards.

Solvency II is the updated set of regulatory requirements for insurance firms that operate in the European Union. It is scheduled to come into effect on 1 January 2013.

The European Union recently published detailed proposals for a Common Consolidated Corporate Tax Base (CCCTB). This would be an optional system under which companies could elect to make a single calculation of taxable profit for the EU, under a single set of rules and filing a single return.

In an effort to bolster its attractiveness as a centre for foreign investment, the Bahamas has made a significant amendments to its investment related residency policy, accelerating the process under which residency considerations are made.