Fascinating to note that the term secrecy jurisdiction, which I really began to lob into the tax haven debate about a year ago is now gaining real currency in debate.
Note this from today’s Guardian:
Geoff Cook, chief executive of Jersey Finance, which promotes the island as an international finance centre, said: "We believe we have nothing to fear because we are not a secrecy jurisdiction. We co-operate fully with US authorities to exchange information in accordance with our bilateral agreements."
No longer we’re not a tax haven, now we’re not a secrecy jurisdiction.
The trouble is you’re wrong Geoff.
Haven’t you noticed the absolute secrecy about Jersey companies?
The absence of any data at all on trusts?
And the fact you do not information exchange? Haven’t you noticed that you do not cooperate on the EU STD?
I seriously wonder for how long these people can keep deluding themselves, and then realise there’s money at the bottom of the delusion and accept that the answer is going to be a very, very long time.
That’s why the answer to this problem is not within the secrecy jurisdictions, it is to work round them so that they are irrelevant.
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Offshore Secrecy Jurisdictions offer individuals and companies the “legal facility” to reduce their tax liabilities in the jurisdiction where the wealth was created.
Geoff – which part of this PROBLEM do you not understand?
Jersey is the first jurisdiction to protest when taxes are lost to its own treasury!!!
Richard
You say: “Haven’t you noticed the absolute secrecy about Jersey companies? The absence of any data at all on trusts?”
That will be the same absence of any data at all on trusts in the UK and the US. And also the same absolute secrecy about the beneficial ownership of UK and US companies.
Rupert
I have never denied the UK and Delaware are also in my sight-lines
Just because one person commits a crime do we let all off?
Is that what you’re saying?
Richard
Richard
Not quite – but its not exactly the odd exception…its all of the G20 countries. Expecting offshore finance centres to do something that none of the G20 countries themselves find acceptable, whether it relates to transparency or regulation, is not reasonable. By all means demand that we operate to at least the same transparency and regulatory standards as G20 countries, but don’t demand that we do things that the G20 countries themselves would find unacceptable. Its those double standards that I have a problem with.
But there is no double standard
I demand it of the G20 too
Richard
If that’s the case then its on such a low scale that its barely noticeable. I am not aware of you speaking on Radio 4, being interviewed by Panorama or being quoted on the front page of the Guardian demanding that G20 gets its act in order !
Don’t bother taking notice of this nonsence. They haven;’t got a clue what they are talking about and are hipocrits anyway.
Is there any data on trusts in the UK? No!
If you look at financial services regulation worldwide make a comparison, you will find that the Jersey regulations are tougher than the UK, USA and approximately half of the countries in the world. As for Delaware, they have NO CDD requirements at all. Get your facts straight and recognise that the credit crunch was caused by on-shore banks and fund managers that created all these complex derivatives etc. Its all well and good you bleating on and blaming jurisdictions such as Jersey, but when it comes down to it, the US etc already know that Jersey is probably the most co-operative of the offhore financial centres. The good thong out of all this is that I can have fun watching you waste your time.
[…] in History, Tax Justice at 5:32 pm by Paul If you ask a representative of a secrecy jurisdiction – the more accurate term for what is normally known as a tax haven – about their […]