Responding to recent media reports, Geoff Cook, Chief Executive of Jersey Finance, said: "It is well known that the principles behind the US FATCA arrangements are being looked at by the OECD, EU and UK.

As part of that, we understand that the UK has approached the Crown Dependencies, including Jersey, to discuss the possibility of applying the principles more widely to an exchange of information with the UK.

It is right and proper that government officials from Jersey, along with their counterparts from Guernsey and the Isle of Man, should be meeting with HM Treasury to understand exactly what the UK has in mind and to present the position of the Crown Dependencies in a coordinated way.

We look forward to the outcome of those discussions and will be working closely with the States of Jersey to present the views of industry throughout the process."