Member Alex Picot updates on Jersey’s tax transparency position
Kreston’s member firm in Jersey, Alex Picot Trust have announced that Jersey Finance, the body that represents and promotes Jersey as an international financial centre has reinforced Jersey’s position on tax transparency.
Derek Rhodes, Director at Alex Picot Trust commented:
“Jersey is a highly regulated jurisdiction yet recent media coverage around the Paradisde Papers has perhaps underminded this reputation. We wanted to share this update from Jersey Finance about the recent OECD (The Organisation for Economic Co-operation and Development) recognition with our colleagues as it relates directly to Jersey’s commitment to transparency. Jersey has received ‘fully compliant’ status where the UK and USA received ‘largely compliant’. If any Kreston members have questions about Jersey or the services that Alex Picot Trust can offer their clients they are welcome to contact me.”
In a recent communication, a spokesman for Jersey Finance said:
“We are delighted that the OECD has confirmed that Jersey is ‘fully compliant’ with all global standards of international tax transparency. It is an unequivocal endorsement both of Jersey’s world-class tax transparency framework and its ability to make sure that this framework is working well in practice. For Jersey to have been found to be entirely compliant in every single area is a fantastic achievement, underlining our commitment to combatting financial crime and tax abuse. Endorsements such as this from the OECD help us to reaffirm Jersey’s role as a premium international finance centre.”