Jersey Finance’s chief executive Geoff Cook welcomes the declaration from the G8 Summit (8- 10 July, 2009), which reaffirms the commitments made at the London G20 Summit in April to ensure global financial stability and an international level playing field.

Jersey remains committed to the principles of international cooperation, transparency and sound regulation, recently recognised by the island’s placement on  the OECD ‘white’ list of jurisdictions that ‘have substantially implemented the internationally agreed tax standard’.  Jersey has been involved in the OECD’s programme since 2002 and has maintained its commitment to the process by signing 14 Tax Information Exchange Agreements, with more in the pipeline.  
 
As a result of the Jersey government’s willingness to co-operate internationally and its in principle support for automatic exchange of information in respect of the EU Savings Directive, we are confident that Jersey’s active participation in these initiatives are recognised by the G8 and will be again at the next US G20 Summit in September.
 
This commitment was recently recognised by Stephen Timms, Financial Secretary to the UK Treasury “I warmly welcome Jersey’s continuing progress in concluding Tax Information Exchange Agreements. Jersey’s firm commitment to transparency and exchange of information in tax matters is very encouraging, and I call on others to follow their example.” 
 
The local finance industry supports measures that encourage financial centres to move towards a global level playing field in respect of taxation and are committed to the global fight against money laundering and the financing of terrorism.
 
It is vital for the health of the world economy that open markets in financial services are maintained and developed, whilst ensuring financial stability through all  participants committing to and applying  the highest standards of corporate governance, transparency and sound regulation.