Jersey’s Treasury Minister, Philip Ozouf, has backed a report, commissioned by Christian Aid, which has called for greater transparency and the full retraction of banking secrecy laws internationally to establish a level playing field, calling for greater transparency in what the report called “the most secretive financial centres in the world".
In this regard, it cited: Delaware, London, and white-listed territories Luxembourg, Switzerland and the Cayman Islands.
Referring to the recent report on the Crown Dependencies, compiled by Michael Foot, which included a review of tax transparency, Ozouf observed that:
“Foot cited the lack of adequate monitoring of beneficial ownership in Delaware and the lack of regulation for most trusts in the UK.”
Noting that the report endorsed Jersey’s high standing as a "transparent and well-regulated finance centre", Ozouf called for the US and the UK to lead the drive towards enhancing tax transparency:
“We are behind the Foot Review recommendation that the UK should lead improvements to international standards and transparency of beneficial ownership, as it’s right that international standards are improved in both these areas,” he argued.
A comprehensive report in our Intelligence Report series, examining in depth the situation of offshore transparency and secrecy in a number of the most prominent jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report2.asp
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