France And Jersey Sign TIEA

by Robert Lee, Tax-News.com, London

26 March 2009

The Jersey government has announced the signing of a Tax Information Exchange Agreement with France as part of the island's ongoing commitment to conform with the OECD's standards of transparency and information exchange.

The document was signed by Jersey Chief Minister, Terry Le Sueur and French Minister for Finance, Cristine Lagarde.

In a statement following the signing, Le Sueur noted:

“These agreements to co-operate over tax matters highlight the mutual respect between jurisdictions. Our continuing programme of signing agreements with jurisdictions across the globe demonstrates our willingness to comply with international standards of financial regulation, anti-money laundering, and combating the financing of terrorism.”

“As France has said, the signing of the TIEA allows both parties to realise their shared intention to implement the principles advocated by the OECD and to have, in the future, an effective instrument for fighting international tax fraud and evasion.”

“Last year the OECD Secretary General referred to the fact that Jersey has signed a number of Tax Information Exchange Agreements, and called for clear political recognition for those offshore financial centres that have made this kind of progress. We hope to see this reflected in the outcome of the G20 Summit in London on April 2 and that there will greater pressure put on those countries, including some OECD members, who have not yet shared Jersey’s commitment to transparency and co-operation.”

"Jersey is close to signing a TIEA with Ireland and negotiations are well-advanced with Australia and New Zealand. Discussions are also underway with Spain and Italy and Jersey is more than willing to extend such agreements to all other jurisdictions, including OECD countries, when they are ready to engage," concluded Le Sueur's statement.

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