Jersey named in secrecy index

A protest was held earlier this year in Jersey against tax haven secrecy

The Tax Justice Network has published a list of countries it feels are the most secretive and places Jersey eleventh, just behind Hong Kong and Belgium.

The American State, Delaware is the most secretive in the world.

The Tax Justice Network's Director, John Christensen, says proper measures need to be introduced.

Geoff Cook, Jersey Finance Limited Chief Executive, says Jersey has passed all external inspections claiming the Network exaggerated its figures.

"We identify United Kingdom as a major player itself with of course tax havens around the world which are also secrecy jurisdictions.

SECRECY JURISDICTIONS Most secretive jurisdictions in the world according to the Tax Justice Network: 1. USA (Delaware) 2. Luxembourg 3. Switzerland 4. Cayman Islands 5. United Kingdom 6. Ireland 7. Bermuda 8. Singapore 9. Belgium 10. Hong Kong 11. Jersey 12. Austria 13. Guernsey 14. Bahrain 15. Netherlands

"We've shifted public perceptions and I think public opinion is now firmly behind us calling for a much higher bar, much better standards and much greater market transparency across the world," said John Christensen.

The report has been described as desperate by Jersey Finance Limited. Chief Executive Geoff Cook told told the BBC there was no secrecy over Trusts as claimed in the research.

"If authorities in other countries need to discover what's in a trust because they have got some worries about it being run in a way that might defraud tax or in some wrong way or criminal way then there are perfectly open channels for them to access the information they need.

"These people know that but they chose to ignore it," said Geoff Cook.

Jon Christensen, who is a former economic advisor to the States of Jersey told BBC Jersey that the island still doesn't offer financial transparency and falls short of acceptable international standards.

"Jersey ranks quiet highly, it certainly ranks in the top 15 and that is because Jersey remains relatively secretive in terms of the information it collects and shares globally, what information is required to be provided on public record.

I think we've passed so many of these international scrutiny programmes that these people are having to invent their own index just so we can fail. Geoff Cook, Jersey Finance Limited

"But also because Jersey is actually a relatively large scale player in the global financial services markets," said Jon Christensen.

But Geoff Cook of Jersey Finance Limited say's Jersey is transparent, despite the ranking by the Tax Justice Network.

"My initial reaction is, if you stack up the various reviews we have with the IMF we come out as the highest performing country in the world in terms of regulation.

"We've just had the Foot Review which is a year long review of Jersey which again has come up with a conclusion that we are very well regulated, we're transparent.

"I think we've passed so many of these international scrutiny programmes that these people are having to invent their own index just so we can fail it because we've passed with flying colours every independent and objective assessment of Jersey over the years consistently," said Geoff Cook.

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