Jersey needs to realise words are not enough: it’s action that counts

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Fascinating how an idea can permeate fast.

It is only this year that the Tax Justice Network began to seriously promote my definition of a secrecy jurisdiction as a place that create regulation for the primary benefit and use of those not resident in their geographical domain and that in doing so create a deliberate, 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.

And then I note from the Jersey Evening Press that:

JERSEY must fight off its image as a tax haven that exists to strip other economies of billions, according to the Attorney General, William Bailhache, and the director general of Jersey Financial Services Commission, John Harris.

It appears to be a reflection of what we are saying.

It's an indication they are worried, as the follwoing also suggest:

Mr Bailhache said that the world situation required Jersey to be more vigilant in meeting the standards which the international community requires to be met. 'At the end of the day, the Island is obviously far too small, politically, geographically and economically, to win any international debate by muscle,' he said. 'The only way of doing so is to show that in those areas which interest the international community - finance and human rights are the most obvious - we not only have the desire to meet international standards but we do actually do so.'

Let's be clear though Mr Bailhache: we do not want the appearance of you doing so: we want the practice that you will do so.