UK Panorama 'Tax Haven' Broadcast Inaccurate And Polemic, Says Jersey Finance

by Robert Lee, Tax-News.com, London

06 February 2009

Jersey Finance on February 6 issued a statement responding to claims made by the BBC's Panorama television programme which condemned Jersey’s financial services industry as a ‘middle man’ in facilitating tax evasion.

"Jersey Finance were naturally disappointed that the Panorama programme chose to be selective in its research of offshore jurisdictions and failed to differentiate between those that are compliant and co-operate whilst preserving client confidentiality, such as Jersey, and those that retain banking secrecy and are not co-operative," Jersey Finance countered in its statement. It continued:

"However, we were not surprised as we recognise these vital subtleties are often ignored in ‘hard hitting’ documentary programmes with a specific agenda – in this case criticism of so called tax havens."

"Nevertheless we were encouraged that the programme reported the comments of Jersey’s chief minister promoting our regulatory position and that Stephen Timms, financial secretary to the UK Treasury, was also supportive of our co-operative and transparent stance and highlighted the Island’s willingness to sign tax exchange agreements. The programme’s main criticism therefore was ultimately directed at Liechtenstein for its banking secrecy laws."

"We have to accept that documentary programmes with their own specific agenda will arise from time to time and particularly at present when the future of international financial services is such a political issue. As the Industry body, Jersey Finance will continue to defend Jersey’s position when these false allegations arise, and will look to set the record straight where there is misunderstanding or misleading comments."

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