According to Prime Minister David Cameron former British dependences and Crown territories that were previously accused of being tax havens should no longer be described as such.
David Cameron commented on the topic of tax evasion and said after the G20 summit: “It’s not right to refer to any of the Overseas Territories or Crown Dependencies as tax havens. They have all changed the way they work to become fair and open tax systems. The Crown Dependencies and Overseas Territories should be praised for the action they have taken, not castigated.”
“We need to put this behind us and move on to deal with those countries that really are secretive tax havens.” Mr Cameron added.
Peter Harwood, Guernsey’s Chief Minister, commented on David Cameron’s statement: “I welcome the Prime Minister’s acknowledgement that the label ‘tax haven’ is one that is not applicable to Guernsey. As the Prime Minister’s recent letter to me recognised, Guernsey has shown leadership on tax transparency for a number of years, and continues to do so. Guernsey is not a tax haven, and nor is it a secrecy jurisdiction – it is a transparent and open international finance centre.”
According to the new chairman of the Jersey Funds Association, Ben Robins comments of Mr Cameron will give the Island ‘great confidence for the future’.
Jersey Finance chief executive Geoff Cook was pleased with Prime Minister’s comments. Mr Cook said: ‘We are a top drawer international finance centre and we are not a tax haven – don’t believe me? Ask David Cameron.’
It is well worth mentioning that over the past year each financial center has agreed to sign up to an additional strict regime of transparency to comply with new international standards.