JERSEY has been branded a tax haven by a UK campaign group – just weeks ahead of international assessors arriving.
But Jersey Finance has said that Fair Tax Foundation’s assessment does not reflect the Island’s track record.
The foundation, which describes itself as a not-for-profit social enterprise awarding a ‘Fair Tax Mark’ accreditation to companies with responsible tax conduct, released a list of 72 countries it considers to be ‘tax havens’ in its annual report.
Jersey, Guernsey, the Isle of Man and Ireland were included on the list, which considers factors such as ‘secrecy’, ‘harmful tax incentives’, and ‘unco-operative jurisdictions’.
However, Jersey Finance highlighted Jersey’s ‘willingness to co-operate and consistent track record on the implementation of international tax standards’, which it said was ‘not reflected in the compiling of this list’.
A spokesperson for Jersey Finance said: ‘Jersey, as a leading international finance centre, has been recognised by key global bodies including the OECD for its willingness to co-operate and consistent track record on the implementation of international tax standards. This commitment is not reflected in the compiling of this list, while the criteria applied to define tax havens, such as secrecy and being unco-operative, do not apply to Jersey.’
This year is a key one for the Island’s finance sector, with a team from Moneyval – a European organisation which assesses compliance with international standards to counter money-laundering and the financing of terrorism – due to visit next month.
A bad report could have dire consequences for Jersey, with the Island particularly keen to avoid being added to a ‘grey list’ of jurisdictions which are judged to have inadequate laws, practices and resources to tackle financial crime.
