Jersey is delighted with the outcome of the OECD’s Global Forum on Tax Transparency and Exchange of Information, held in Mexico this week. Almost 90 jurisdictions and a large number of International Organisations met there, and are supporting the Forum in its leading role in the global campaign to fight tax evasion.

Jersey was invited to attend the Forum, and two island participants joined delegates from around the world. The island’s Director of International Tax, Wendy Martin, and the Advisor for International Affairs, Colin Powell, attended meetings and participated in discussion groups, agreeing how to take forward international tax policy and administration. They have also been working to extend Jersey's ongoing programme of Tax Information Exchange Agreements.

After the meeting the OECD announced it would expand membership of the Forum, speed up the process of negotiating information exchange agreements and provide technical help for smaller jurisdictions to implement the required standards. In its assessment of tax cooperation, the OECD announced that the era of banking secrecy laws is coming to an end.

Chief Minister Senator Terry le Sueur said “This is good news for the island. Jersey firmly supports the OECD drive to achieve a level playing field in tax cooperation, including an end to the bank secrecy laws that exist in other jurisdictions.

“We are delighted that the international community is working to achieve a common global standard of tax transparency. We have been in the vanguard of the movement towards greater transparency that is now gathering pace around the world and it is excellent news for Jersey that our initiatives are now being replicated elsewhere.”

Wendy Martin said “This was a very useful meeting of governments from around the world, and our active participation ensures we are continuing to work within the international community to help develop frameworks for strengthening financial regulation.”

The Global Forum’s conclusions will be reported to the G20 Finance ministers who are currently meeting in London and to the meeting of the G20 Leaders Summit in Pittsburgh on 24-25 September.

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Notes to Editors:

1. For further information, please contact Wendy Martin on 07700 700502. If you cannot get hold of her please call Cathy Keir on 07797 786839.