Jersey Finance has welcomed the news that US Senator Carl Levin has abandoned a list of offshore secrecy jurisdictions in his ‘Stop Tax Haven Abuse Act’ in Washington.
A number of offshore jurisdictions including Jersey and the other Crown Dependencies were previously termed ‘offshore secrecy jurisdictions’ on a list prepared when the Bill was first launched in 2009.
Following meetings in Washington by representatives from some of the jurisdictions on the list, including Jersey, the Senator has agreed to drop the list in his re-tabled bill.
Geoff Cook, chief executive, Jersey Finance Limited, commented:
We are pleased with this development and it’s a credit to our Ministers for their efforts in explaining Jersey’s robust record for co-operation and information exchange to US Treasury and Senate officials.’
The evidence is clear that we have a good record of responding to requests for tax information for which we have been congratulated by the US authorities and more widely we have been recognised for the high standards of our regulation, not least by the IMF who awarded Jersey its highest rating to date for the quality of its regime.’