In 1998, the Centre for Tax Policy and Administration, part of the Organisation for Economic Co-operation and Development (OECD), issued a first report on the consequences of the financial systems of known tax havens. Monaco did not appear in the list of these territories until 2004, when the OECD became indignant regarding the Monegasque situation and denounced it in a report, along with Andorra, Liechtenstein, Liberia, and the Marshall Islands.  The report underlined Monaco's lack of co-operation regarding financial information disclosure and availability.  Later, Monaco overcame the OECD's objections and was removed from the "grey list" of uncooperative jurisdictions.  In 2009, Monaco went a step further and secured a place on the "white list" after signing twelve information exchange treaties with other jurisdictions.