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fight against tax evasion and other illicit financial flows. under the current World Bank group Offshore Financial Centers Policy, intermediary jurisdictions with a controlling interest in an International Finance Corporation project must be domiciled in a jurisdiction that is “compliant” or “largely compliant” with the global Forum’s exchange of information on request standards to be eligible. This policy is currently being updated to reflect the evolution of the international standards on international tax and tax transparency. 25. under the Organisation for Economic Co-operation and Development’s Base Erosion and

Profit Shifting project, countries are monitored to ensure their tax treaties are not misused for aggressive tax avoidance (treaty shopping). 26. Section 2, Indian Trusts (Amendment) Act 2016. 27. These issues include the fund’s objectives and mandates, legal structure and ownership, relationship with the sponsor, funding, investment policies, and so on. 28. Despite the fact that NSIA is owned by all tiers of government (federal, state, and local), which complicates its identity as a federal parastatal. 29. This exemption is likely to allow the government to act in times of crisis, because ISIF funds can be directed to specific sectors during financial or economic crises. 30. Section 15 of the NSIA Act 2011 gives the board the ability to make policy within the confines of the act. 31. Bilateral agreements between two countries to ensure that taxes are divided equitably and that the cross-border investor is not paying taxes in both jurisdictions. 32. The NSIA Act 2011, Section 45, anticipated and prevented such a possibility by prohibiting the NSIA from providing “any guarantee or surety, whether for payment or performance, to or on behalf of the interest, rights or obligations of any person, company or entity involved or participating in or related to an infrastructure project, other than a wholly-owned subsidiary or affiliate of the Authority.” 33. Certain kinds of infrastructure investments—such as network technology or critical infrastructure in utilities—in foreign jurisdictions may implicate national security concerns (see more on this in chapter 7 on transparency and disclosure). 34. See the Santiago Principles, gAPP 15 (IWg 2008, 8). 35. See the Santiago Principles, gAPP 15, Explanation and Commentary (IWg 2008, 19).

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