UK “a worse tax haven than Jersey” – Tax Justice Network

Tuesday 03 November 2015

A campaign group that has been a long-standing critic of Jersey’s offshore financial services sector has ranked the Island below the UK on a list of the most secretive jurisdictions.

The Tax Justice Network has ranked the UK 15th on its Financial Secrecy Index, with Jersey just one position better in 16th – an improvement of seven places on the last list two years ago.

The TJN report on Jersey rates the Island “at the lower end of what might be regarded as the danger zone for offshore secrecy”, and describes it as a small player compared with other countries.

The five worst jurisdictions on the list are (in order): Switzerland, Hong Kong, the USA, Singapore and the Cayman Islands.

The TJN says that the Island has been forcing to meet some international standards, but is still behind the game in areas including a public register of beneficial ownership of companies.

You can see the full list here.