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Chief Minister writes to Prime Minister supporting G8 principles

01 July 2013

The Chief Minister, Senator Ian Gorst, has written to the UK Prime Minister, signalling Jersey’s support for the G8 principles.

Chief Minister's letter

Thank you for our meeting on 15th June to discuss tax, trade and transparency.  I share your desire to secure global support for the G8 principles, which no doubt will be advanced by the G20 and the OECD. 
In response to further international agreements, we will continue to build on our long track record of commitment to, and compliance with, global standards on financial regulation, anti-money laundering, tax transparency and exchange of information. 
As stated in our Action Plan published to coincide with the G8 Summit, we are already recognised internationally as being a leader in transparency and beneficial ownership information.
As you know, we have agreed to join the OECD Multilateral Convention on Mutual Administrative Assistance in Tax Matters, and have joined the pilot project that the UK initiated with EU Member States to achieve a single standard for automatic exchange of information. 
We are also close to completing the negotiation of enhanced tax information exchange agreements with the UK and the USA.
We welcomed the emphasis placed by the G8 on the developing countries.  We have offered to provide technical assistance to developing countries through approaches made to the African Tax Administration Forum and your government’s Department for International Development among others.
We have shown that there is no conflict between compliance with international standards and continued success as an international finance centre. 
We understand that a report will soon be published by a highly respected independent economic consultancy which shows that through our success Jersey also makes a significant net contribution to the UK economy.  I would be pleased to present the findings of the report to you and your staff.
I welcome your statement in Parliament when you acknowledged the work we have already done and your intention to challenge other jurisdictions that have not made similar commitments. 
Together, we can secure a global level playing field in the fight against tax evasion and also demonstrate that lower taxes, fairly applied across the world, are a vital driver of growth and prosperity.
Senator Ian Gorst
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