Rumour reaches me that Jersey has failed its OECD peer review.
The international fight against cross-border tax evasion has entered a new phase with the launch by countries participating in the Global Forum on Transparency and Exchange of Information of a peer review process covering a first group of 18 jurisdictions: Australia, Barbados, Bermuda, Botswana, Cayman Islands, Denmark, India, Ireland, Jamaica, Jersey, Mauritius, Monaco, Norway, Panama, Qatar, San Marino, Seychelles and Trinidad & Tobago.
The reviews are a first step in a three-year process approved in February by the Global Forum in response to the call by G20 leaders at their Pittsburgh Summit in September 2009 for improved tax transparency and exchange of information.
Note Jersey is involved.
There's just one problem for them: I gather that Jersey has failed its second part of the peer review process. I understand that at least one country is saying Jersey is not exchanging information as expected under the OECD process.
Some of us aren't surprised.
Some of us might say that this blows apart all the claims Jersey makes about being a transparent, cooperative state.
But then some of us know that it's no such thing, and that's why we're not surprised.