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| Offshore secrets: information sharing | Offshore secrets: information sharing |
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| The UK government is exploring whether it can force the British Virgin Islands and other offshore havens for which it is ultimately responsible to share far more information on owners of offshore trusts and companies. | The UK government is exploring whether it can force the British Virgin Islands and other offshore havens for which it is ultimately responsible to share far more information on owners of offshore trusts and companies. |
| Jersey's chief minister, Ian Gorst, confirmed that Channel Island officials were meeting with the Treasury on Tuesday to discuss an extensive information-sharing agreement modelled on a new law being promoted across the world by the US, the Foreign Account Tax Compliance Act (Facta) – and that though it was only Channel Islands officials in the meetings, the new rules were also being discussed with the BVI and others. | Jersey's chief minister, Ian Gorst, confirmed that Channel Island officials were meeting with the Treasury on Tuesday to discuss an extensive information-sharing agreement modelled on a new law being promoted across the world by the US, the Foreign Account Tax Compliance Act (Facta) – and that though it was only Channel Islands officials in the meetings, the new rules were also being discussed with the BVI and others. |
| "The UK has approached the crown dependencies and the overseas territories with a view to the principles of the US Facta arrangements possibly being more widely applied to an exchange of information with the UK," Gorst said. In separate comments to a Jersey paper on Monday, Gorst said UK officials were threatening to block territories signing up to US deals until they agreed to sign up to a similar information-sharing agreement with the UK – in effect forcing the territories' hand. | "The UK has approached the crown dependencies and the overseas territories with a view to the principles of the US Facta arrangements possibly being more widely applied to an exchange of information with the UK," Gorst said. In separate comments to a Jersey paper on Monday, Gorst said UK officials were threatening to block territories signing up to US deals until they agreed to sign up to a similar information-sharing agreement with the UK – in effect forcing the territories' hand. |
| Taxation expert and campaigner Richard Murphy, of the Tax Justice Network, said the Guardian's Offshore Secrets coverage highlighted the need for transparency – and, barring loopholes, the information sharing sought by the Treasury might deliver it. | Taxation expert and campaigner Richard Murphy, of the Tax Justice Network, said the Guardian's Offshore Secrets coverage highlighted the need for transparency – and, barring loopholes, the information sharing sought by the Treasury might deliver it. |
| "What the Guardian is highlighting is the vital role of secrecy in offshore abuse. It is the secrecy provided by tax havens that lets people abuse tax law and avoid their creditors. We reckon only around 4% of the total sums invested are subject to information exchange under current rules. My belief is this new arrangement – if it goes through – would raise that to 99%. If it were to be extended to the BVI and Caymans, it would ratchet up to another level altogether." | "What the Guardian is highlighting is the vital role of secrecy in offshore abuse. It is the secrecy provided by tax havens that lets people abuse tax law and avoid their creditors. We reckon only around 4% of the total sums invested are subject to information exchange under current rules. My belief is this new arrangement – if it goes through – would raise that to 99%. If it were to be extended to the BVI and Caymans, it would ratchet up to another level altogether." |
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