The latest draft copy of Phase 2 of Jersey’s Peer Review on Exchange of Information (EOI) by the Global Forum on Transparency and Exchange of Information for Tax Purposes has fallen into my inbox. It’s damning of Jersey. It says in its conclusion, which deal with the implementation of the standards in practice:
The highlighted provisions in some of Jersey’s EOI agreements may limit the effectiveness of information exchange.
Further, in one case to date, the interpretation applied by Jersey appears to be inconsistent with the definition of “criminal tax matters”, and is preventing the exchange of information under that TIEA.
But that’s not all. They also reiterate some of the findings from the first phase of the work which say things like:
Jersey’s domestic legislation which provides access powers to obtain information for exchange contains impediments which may significantly affect access to relevant information although to date they have not restricted access.
The claim that Jersey has always made that it is well regualted is being blown apart by this process.
As I’ve always said, it may have all the right pieces of paper in place, and that has been the focus of almost all previous reviews, but the fact is that they have to be used to be effective and there are clear signs of real problems in this process in this new phase of the review.
What is clear is that Jersey is a long way from being the transparent place it claims to be.
2 Responses to “Jersey’s peer review shows it to be very far from the transparent place it claims to be”
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Et bien Richard, “The highlighted provisions in some of Jersey’s EOI agreements may limit the effectiveness of information exchange.” That is what you get when you use an OECD model drafted by a Frenchman.. Why don’t you tell them how to redraft it?
“criminal tax matters”: Curious that an OECD member State should be making something criminal in such a civil minded manner. Most of them generally attempt to treat things as administrative to save time. It’s onlywhere information is requested concerning years before the agreement came into force that renders something criminal, after the event, now isn’t it? Curious how things change over time.
Jersey’s finance industry is “regulated” to benefit a chosen few.
Anyone and everything else is ignored – including the local population.
The place is an international disgrace. Steer clear.