We’re on the White List
Monday 6th April 2009, 3:00PM BST.
From Brian Beadle.
Well, well, now there is a surprise! The G20 Summit and the OECD are now saying that Jersey is ‘on the White List’ of financial centres that are well regulated, transparent and well run.
That means we are alongside the UK, the USA, France, Germany, et al, as major players in world finance.
What on earth are the likes of Messrs Syvret, Southern, the Pitmans and their cohorts, along with John Christensen of the Tax Justice Network, going to do now – claim it was all their doing? Perhaps now these people will start talking up the finance industry of Jersey instead of knocking it all the time. Oops, there goes, another pink pig. Or will they claim it is all a conspiracy, as our leaders bribed the G20 nations with some excellent Jersey Royals?
Perhaps the people of Jersey may now realise the right people have been in charge of the Island and be thankful for the hard, tireless and dedicated work put in by former Senator Walker, Chief Minister Senator Le Sueur (both of whom were former Finance Ministers) and the current Finance Minister, Senator Ozouf, along with the likes of Colin Powell and Geoff Cook, who have indeed been for the benefit of the Island.
I would not be surprised to see in the near future that more money flows into Jersey after such an endorsement. This will help to protect the jobs of everybody in Jersey from the taxi driver to the café owner and, yes, also those in finance.
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“Major players in world finance…”
We are minnows and will be crushed as soon as the big boys have sorted out their own mess.
I’m sorry, Mr Beadle, you are simply being naive.
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Well, what I’ve done is I’ve copied Mr Beadle’s letter and filed it away.
In two or three years’ time we will see if he was right.
These people wield a lot of power and I can’t imagine that they want to lose their luxury lifestyle even if it causes a huge division in society.
One thing is certain. With no credit around only those with income or available assets will continue to enjoy the extravagentlifestyle which most of the island’s population have apparently become used to.
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I really doubt it’s that simple. The G20 had many issues regarding ‘tax havens’ to deal with and France and Germany were always going to have to compromise. I suspect they compromised on the issue of UK ‘tax havens’.
If I was the finance industry I wouldn’t rest on your laurels thinking this is the last you will hear from France or Germany in the way of criticism. It will be the last for the moment but the G20 summit was way bigger than just the issue of UK ‘tax havens’. It had to be seen to reach some sort of accord and I guess this is the ‘accord’ for the moment.
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Actually, Senator Syvret and the other deputies would probably be at the front of the queue to get Jersey on the OECD Tax Standard White list. It is, after all, a list of countries relating to international tax transparency standards, and Jersey together with Guernsey, Isle of Man and others, has been actively signing exchange of information agreements with other foreign countries. Each agreement signed off will, of course, result in loss of business to the finance industry, but each agreement signed off will make Jersey a cleaner place in the eyes of the world of financial governance.
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Tax avoidance is morally questionable. Anyone who blithly goes along with it is asking for trouble. Any jurisdiction that relys on it is plainly out of touch with reality and will get their fingers burnt at some stage as far as I am concerned.
My moto is diversify or die.
As per the white list is Jersey now classified as a white tax haven? If it is, it is now a lighter shade of grey. Well done for avoiding the inevitable for a bit longer.
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