Offshore ‘myth laid to rest’

Friday 30th October 2009, 3:01PM GMT.

Jersey Finance chief executive Geoff Cook

JERSEY’S finance industry has been given another welcome boost by the Foot Review, according to the head of the finance industry marketing body.

Geoff Cook, the chief executive of Jersey Finance, says that the independent report published yesterday is another endorsement of the Island’s regulatory standards.

And he added that figures in the report destroyed the ‘myth’ that the finance industry took vast amounts of money out of other countries.

Mr Cook emphasised the finding that the amount of UK tax avoided by UK companies using offshore centres was ‘significantly lower than estimates produced by previous studies have suggested’.

The report, by former finance industry regulator Michael Foot, is the product of a year-long review into British offshore centres in the Crown Dependencies, and the offshore territories in the Caribbean.

Read the full story in the Jersey Evening Post.

Click here for subscription details.

Individual editions are also available online.

1
Beaninexile

October 30, 2009 at 5:01 pm

Bless them for trying, but honestly, I don’t think its the regulatory regime that’s really under attack, it’s the business model – the right to operate “harmful tax practices” – i.e. anything that charges residents less than non-residents. How will the Island attract business in a 10% tax regime?

If you want to know what Sir Michael really thinks about the Islands, check out the Guardian website:

“Sir Michael Foot, a former Bank of England official and Bahamas bank inspector, will demand that island paradises must take greater responsibility for their economic futures. He is likely to emphasise that offshore jurisdictions will have no one to blame but themselves if they get into financial difficulties. Foot is also expected to say they have no excuse not to abide by anti-money laundering and counter-terrorism finance benchmarks.”

Report abuse
2
watermelon

October 30, 2009 at 10:25 pm

Is there a link to the report?

What exactly does ‘substantially lower’ represent? The reports I have read only attempt to give figures for the awful impact of tax avoidance as a whole not just Jerseys part.

I can’t see how 2nd highest in the rankings for tax havens approached by foreigh courts for information is a ringing endorsement, surely its an indictment?

Would like to read the whole report rather than JEP and Finance perspectives.

Report abuse
3
Dee

October 31, 2009 at 9:34 am

Grey men in grey suits telling a swarm of greyer-than-grey lies. Wake up Jersey – the days of plenty are now long gone!

Report abuse
4
Free at Last

November 2, 2009 at 6:56 pm

I remember Deputy Tadier at the Hautlieu hustings ! Holding up a glass, he said : “This is not a glass ! If the Establishment says this is not a glass, it is not a glass.” The Sharpe report, the Wilkinson report, and so many other reports were all in favour of the way things are run in Jersey … until you actually read the report. Being a positive person myself, I like looking at things at the bright side, but Geoff Cook goes beyond that – as usual !

Report abuse