Minister supports international drive to end the era of banking secrecy laws

03 November 2009

Jersey’s Minister for Treasury & Resources Senator Philip Ozouf, supports the international drive to end the era of banking secrecy laws and to achieve a level playing field in tax co-operation, highlighted in a report commissioned by Christian Aid which claims that Delaware, Luxembourg, Switzerland, Cayman Islands and the UK (London) are the most secretive financial centres in the world.

Jersey has been an active supporter of the OECD’s Global Forum on Tax Transparency and Exchange of Information, and was recently appointed to one of the four Vice Chair positions of a new Peer Review Group set up by the OECD.

‘We support the call by Angel Gurría, the OECD’s Secretary-General, to end the era of bank secrecy laws that exist in other jurisdictions and create a level playing field,’ said Senator Ozouf of the OECD announcement at the G20 in Pittsburgh in September this year.

He added: ‘Michael Foot cited the lack of adequate monitoring of beneficial ownership in Delaware and the lack of regulation for most trusts in the UK. 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.’

The independent review for Her Majesty’s Treasury by Michael Foot into British Offshore Finance Centres endorsed Jersey’s high standards of regulation and significant contribution to the UK market when it was published last week.

‘Three significant independent assessments have now endorsed Jersey's high standing as a finance centre: the original OECD white list, our recent very positive IMF review and now the Foot Review,’ Senator Ozouf added. ‘Each clearly endorsed Jersey as a well-regulated, transparent and open jurisdiction.’