Two tales from the Crown Dependencies this week.
One is that friends in those islands report that there is some disappointment on the ground that the House of Commons did not enforce beneficial ownership on them. Ordinary people - real islanders and not the incomers who populate the senior echelons of the finance industry - are fed up with the occupation of their islands by finance. The message was clear. 'Keep going' they have said.
And then an amusing tale. I was working in a coffee shop by the river in Ely an afternoon this week (it keeps my work tempo up to get out of a late afternoon) and fell into conversation with a couple of about my age. It turned out they were from Guernsey, here to visit grandchildren. I revealed my familiarity with the island, both geographically and politically.
What was the first thing they did? They checked me out on the web. As if evidence was needed that people need to know who they are dealing with, this was it.
Then they continued the conversation. They could see no problem with Guernsey being required to have a public register. They use Companies House. They are really in business. They have no problem with disclosure. They clearly could not see what the fuss was: honest business should have no problem with it, they thought.
And that's always been my point. Honest business does have no problem with disclosure. They know it reduces risk, and that's good for everyone.
Secrecy is all about increasing risk for others. And that is precisely why it has to be tackled. It is abusive. And that abuse has to be stopped.
Thanks for reading this post.
You can share this post on social media of your choice by clicking these icons:
You can subscribe to this blog's daily email here.
And if you would like to support this blog you can, here:
So true Richard and when the surge of new business comes into Jersey we will ensure its honest as we always do.
Its been a great week for us and once again, thank you!
But you’re not disclosing
And you can’t even read an article properly
They are disclosing. To tax authorities and to law enforcement.
What they are not disclosing is to any old Tom Dick or Harry.
Please stop pretending disclosure is the issue. It’s palpably not. The issue is ‘to who’.
On the subject of Islanders sick of their financial services industry, I can make a suggestion. Form a political party and get the local regulations and laws changed if you think your position is a popular one. I’m not happy about the England football team being worse than Germany but I don’t expect Germany to sort this problem out.
You chose your name well, didn’t you?
The issue has always been ‘to all’
And you know it
So when a large number of the kind of people who used the OT’s to avoid tax, hide ill gotten gains from corruption, launder money and various other criminal enterprises, as shown by the Panama papers and other scandals, come to the CD’s, you’ll be happy to do business with them?
Proud of yourself are you James?
Err Client confidentiality, Data Protection, I mean would you not mind your private financial affairs being online?
In any case if it ever came to that there would be ways around it all.
You are now resorting to Gibberish
Tax Research doesn’t appear to have disclosed this in its accounts, or anywhere.
Being an honest business, I guess you won’t mind if I do so here.
http://www.pressgazette.co.uk/tory-chief-lord-ashcroft-settles-website-libel-claim/
You really should not believe all you read in the press
The settlement was not substantial
I paid it so Tax Research had no need to declare it
It was not claimed as a business expense
I did not pay the claimants fees – that is simply untrue
And actually, I did not pay any lawyers fees
I leave it to others to note the subsequent history of the companies in question
When doing so I note you can’t even use your own name. Worried about libel? I can offer advice….
Of course. Those who have nothing to hide should have nothing to fear.