Jersey Finance’s Chief Executive Geoff Cook has welcomed the outcome of the G8 Summit held in L'Aquila on July 8-10, 2009, where leaders pledged to fulfil commitments made at the London G20 Summit of April 2 to ensure the establishment of a stable global finance system and an international level playing field.
In his statement he underlined Jersey’s commitment to the principles of international cooperation, transparency and sound regulation, recently recognised by the island’s placement on the OECD ‘white’ list of jurisdictions that ‘have substantially implemented the internationally agreed tax standard’. Jersey has been involved in the OECD’s programme since 2002 and has maintained its commitment to the process by signing 14 Tax Information Exchange Agreements (TIEA), with more agreements in the pipeline.
Cook further underlined that Jersey’s active participation in initiatives surrounding the automatic exchange of information in tax matters with respect to the EU’s Savings Tax Directive would be noted in policymaking decisions at the forthcoming US G20 Summit to be held in September 2009.
Jersey’s commitment to the aforesaid initiatives was recognised recently in a statement from Stephen Timms, Finance Secretary to the UK treasury, who commented:
“I warmly welcome Jersey’s continuing progress in concluding Tax Information Exchange Agreements. Jersey’s firm commitment to transparency and exchange of information in tax matters is very encouraging, and I call on others to follow their example.”
Jersey’s local finance industry has also put weight behind the drive towards transparency and information exchange underlining in particular that all financial centres should adopt the same standards, as well as provisions for the global fight against money laundering and the financing of terrorism.
"It is vital for the health of the world economy that open markets in financial services are maintained and developed, whilst ensuring financial stability through all participants committing to and applying the highest standards of corporate governance, transparency and sound regulation," Cook’s statement concluded.
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