Guernsey Hits Back Over Tax Haven Claims

by Jason Gorringe, Tax-News.com, London

06 January 2003

Chief executive of the Guernsey Promotional Agency, John Bridle has responded angrily to an article published by US-based Forbes Magazine in October, entitled 'Buried Treasure: Where to hide your ill-gotten gains'.

The article observed that: 'There are good and bad places to park ill-gotten gains. Foreign havens such as Guernsey in the Channel Islands or Nevis in the Eastern Caribbean are still the best bet, experts say, even as Uncle Sam cracks down on offshore trusts.'

However, in a short and sharp open letter to Forbes, published last month, Mr Bridle refuted the allegation that Guernsey is a 'foreign haven', arguing that:

'Guernsey's financial services regulations have long been recognized by international authorities as being in the first division of international finance centers. The island is not a place to park 'ill-gotten gains'. The US Internal Revenue Service has approved Guernsey's know-your-customer procedures.'

Speaking to the Guernsey Press following the publication of his response, Mr Bridle explained:

'Ideally, we would prefer such statements never to be published in the first place, but at least the agency provides a channel for the formal rebuttal of misleading and inaccurate information.'

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