Secrecy jurisdictions: even Jersey is using the language now

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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.