Jersey Finance notes the statement made today by the States of Jersey in regards to the signing of a tax information exchange agreement (“TIEA”) between the UK Government and Jersey.

The TIEA, which will supersede existing information exchange agreements between Jersey and the UK, is expected to be signed in London tomorrow by Senator Terry Le Sueur, the Chief Minister of Jersey and Stephen Timms MP, Financial Secretary to the Treasury.

The TIEA, which has been agreed after 18 months of discussions, meets current international best practice standards as set out by the OECD for information exchange and will enable the Jersey and UK authorities to improve upon the existing processes for investigations.

Commenting on the announcement, Geoff Cook, Chief Executive of Jersey Finance said:

“The world’s leading financial centres are acting together in taking unified, responsible and appropriate steps in response to current economic realities in order to safeguard the rights of individuals and governments. Jersey has a role to play in this process and is acting to preserve the standing of the Island’s financial services expertise.

“We believe the TIEA sets the correct balance between transparency in cases of criminal behaviour whilst protecting privacy of legitimate activities and sends an important message about Jersey’s commitment to continued global cooperation.

“Today’s announcement adds to the already significant network of Jersey’s TIEAs with other countries around the world and comes at an important time for world markets.

“This move underlines Jersey’s long held determination to broaden understanding about the island’s real role in international markets, the value it confers to the UK and help address misconceptions. The terms of the TIEA have achieved this on favourable terms to the Island’s finance industry.”

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