BBC NEWS Americas Africa Europe Middle East South Asia Asia Pacific
BBCi NEWS   SPORT   WEATHER   WORLD SERVICE   A-Z INDEX     

BBC News World Edition
 You are in: Business  
News Front Page
Africa
Americas
Asia-Pacific
Europe
Middle East
South Asia
UK
Business
E-Commerce
Economy
Market Data
Entertainment
Science/Nature
Technology
Health
-------------
Talking Point
-------------
Country Profiles
In Depth
-------------
Programmes
-------------
BBC Sport
BBC Weather
SERVICES
-------------
EDITIONS
Tuesday, 5 November, 2002, 07:11 GMT
Jersey signs tax agreement with US
Mont Orgueil Castle in Gorey, Jersey
Jersey has signed an agreement with the US to share information on taxes, as part of a campaign to tackle tax evasion and the threat of terrorist money laundering.

The deal with Jersey, the largest of the Channel Islands, is the latest in a series of agreements being negotiated by the US Treasury with major offshore money centres.

The countries, once regarded as so-called 'tax havens' where the rich could avoid large tax bills, are now being urged to be more transparent with savers' finances to crack down on possible illegal activities.

The move follows Jersey and Guernsey's agreement earlier this year to introduce new European laws to exchange information about the savings of EU citizens.

Cracking down

Jersey's latest agreement is part series introduced by US Treasury Secretary Paul O'Neill over the past 12 months.

Mr O'Neill said cooperation between governments was now "more important than ever".

"We work to ensure that no safe haven exists anywhere in the world for the funds associated with illicit activities, including terrorism, money laundering and tax evasion," he said.

The US has already signed deals with traditional off-shore tax havens including the Isle of Man, the British Virgin Islands, the Cayman Islands, Bermuda and Antigua.

Curbing evasion

Earlier this year, the Organisation for Economic Co-operation and Development (OECD) published a list of seven countries which it called "uncooperative tax havens" for refusing to exchange information.

The Paris-based OECD, sometimes described as the rich nations' club, has also identified 35 nations as 'tax havens'.

These have until April 2003 to create a more transparent tax culture.

Mr O'Neill pledged last year to sign agreements with the countries in an effort to stamp out the use of offshore accounts as a means of tax evasion.

See also:

04 Jun 02 | Business
18 Apr 02 | Business
04 Jun 02 | Business
27 Feb 02 | Business
28 Nov 01 | Americas
26 Jun 00 | Business
Internet links:


The BBC is not responsible for the content of external internet sites

Links to more Business stories are at the foot of the page.


E-mail this story to a friend

Links to more Business stories

© BBC ^^ Back to top

News Front Page | Africa | Americas | Asia-Pacific | Europe | Middle East |
South Asia | UK | Business | Entertainment | Science/Nature |
Technology | Health | Talking Point | Country Profiles | In Depth |
Programmes