Major centres like Hong Kong dominated the index

JERSEY is the most attractive offshore financial jurisdiction in the world, according to an index that ranks international finance centres.

The Global Financial Centres Index, which rates jurisdictions in terms of their competitiveness, has placed Jersey ahead of all offshore centres including Guernsey, the Isle of Man, Cayman and the British Virgin Islands.

The news is a boost to the Island’s finance industry following a damning report by Panorama on Monday, in which a Lloyds TSB employee was caught on camera advising a businessman on how to avoid paying tax on £4 million.

The GFCI ranked Jersey in 14th place out of 75 worldwide jurisdictions, but topping the offshore table as well as coming above some major financial centres such as Luxembourg, Sydney and Frankfurt. The top spots were dominated by London, New York and Hong Kong.

The index was compiled by London think-tank Z/Yen, which surveyed thousands of people who use finance centres.