Richard Pratt, Director General of the Jersey Financial Services Commission, responded earlier this month to an article written in December by Washington Post columnist David Ignatius, which essentially lumped all offshore financial centres together as "tax cheats" and havens for money laundering. What Mr Pratt was particularly keen to point out was the inaccuracy that the KPMG report of late last year "highlighted questionable practices in places such as the Channel Islands".
The article in question could almost have been written by US Treasury
Secretary Lawrence Summers or the top men in the OECD's "harmful
tax" intiative, such was its anti-tax haven stance. Are the
offshore centres of the world really "tax cheats" for
offering an attractive and viable means to save and invest one's
legitimate and hard-earned cash?
The Jersey Financial Services Commission chief was keen to clarify
the island's position with regard to last year's large-scale assault
on offshore centres. Here is the full text of Mr Pratt's letter
to the Washington Post:
To Post columnist David Ignatius,
All offshore centers may look the same. But it is wrong for Mr. Ignatius to assert that a recent report by the auditing firm KPMG made critical remarks about the Channel Islands. KPMG was not asked to report on the islands, nor did it.
A number of reports have examined the Channel Islands. For example, an evaluation done by a team led by a representative from the U.S. Department of Justice concluded that the Channel Islands were "close to complete adherence" to the 40 recommendations of the international anti-money laundering group, the Financial Action Task Force.
The Channel Islands are proud of their record and are pleased to explain their true position to those journalists who call them.
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