A look into the financial practices of offshore facilities of the Channel Islands has commended the Islands for consistently meeting the guidelines laid out by the OECD.
A report was conducted for the UK Treasury with the aim of monitoring transparency, taxation and financial supervision in overseas territories and crown dependencies. The report highlighted efficient levels of regulation in Jersey and Guernsey but added that depositors should have an increase in security within crown dependencies.
The report also recommended that Guernsey and Jersey put an Ombudsman scheme into place and that all depositor protection plans are clear and easy to understand. The Channel Islands were praised for their clear transparency and also for the many agreements they have made with other jurisdictions with regards to the exchanging of tax information.
Further recommendations laid out in the report stated that the UK should lead the way and encourage other EU states that all share tax information, a recommendation that was applauded by the chief minister and treasury minister of Jersey, Senator Phillip Ozouf, who told BBC news: "We agree that no jurisdiction can afford to be complacent and that as tax regimes evolve in each jurisdiction these should be aligned with international 'best practice' taxation models in the global landscape."