Jersey’s Chief Minister Senator Ian Gorst and Guernsey’s Chief Minister Deputy Jonathan Le Tocq met a range of senior European Parliamentarians and the European Commission, including MEPs from the UK, Germany, Ireland, France, Luxembourg, Denmark and Portugal, to discuss the contribution the islands’ financial services industry makes to the EU’s economy.

Pierre Moscovici, the European Commissioner for Economic and Financial Affairs, described Jersey’s endeavours as ‘very much welcome’, backed the Channel Islands’ ‘active engagement’ in combatting tax evasion, fraud and abusive tax avoidance, and referred to the Islands as ‘important partners to the EU’. He also praised Jersey’s commitment to adopting the OECD’s Common Reporting Standard on automatic exchange of information.

In addition, a meeting was held with Jonathan Hill, the EU Commissioner who has responsibility for financial stability, financial services and capital markets, who underlined the importance Jersey places on ‘good regulatory cooperation’.

 

Geoff Cook, CEO, Jersey Finance, said

“Jersey is coping extremely well with increasing demands as far as transparency and growing amounts of regulation are concerned, and is working hard through political engagement like this to obtain the credit it deserves for its response to the shifting regulatory agenda.

“These latest comments from the most senior political figures in the EU, which remains an important economic partner for Jersey, are therefore extremely welcome and provide further evidence that Jersey’s stance in combatting financial crime and its beneficial role in the European economy are being understood at the very highest level in Brussels.

“This builds on comments made in recent times from both UK Prime Minister David Cameron, who told the House of Commons that it was no longer fair to refer to any of the Overseas Territories or Crown Dependencies as tax havens, and the Secretary General of the OECD, Angel Gurría, who wrote to Jersey’s Chief Minister to congratulate the jurisdiction on the measures it had taken in support of international tax transparency.”