Don’t want to pay your wife? Welcome to Jersey

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If you don't want to pay your wife when divorce comes along then Jersey awaits your call.

This is from the Daily Mail:

Rich businessmen and women could use Jersey and other tax havens to try to protect themselves from multi-million pound divorce payouts after a landmark court ruling in the Channel Islands.

Mark Harper, partner at City law firm Withers, said the ruling could make wealthy people place money in tax havens to try to ring-fence it from payouts. He told the Financial Times: 'The Jersey court is saying stop meddling in its affairs.'

I stress: this is deliberate. Jersey has engineered this. What they are saying is that if assets are placed in a Jersey trust (even though we all know these to be sham arrangements) they are now protected from former spouses by the honourable actions of the trustees who refuse their claims, even if backed by the UK courts. Those trustees are of course the local professional elite of bankers, lawyers and accountants.

What does this mean? Simply that Jersey is going out of its why to evidence the fact that it is a secrecy jurisdiction - a place that creates regulation that they know is primarily of benefit and use to those not resident in their geographical domain which they support with a legally backed veil of secrecy that ensures that those from outside the jurisdiction making use of its regulation cannot be identified to be doing so.

Do we really want to tolerate places like this?

Does anyone think the actions of the professional people who engage in this activity?

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