'We are leading on tax transparency'
A LETTER defending Guernsey's commitment to transparency and fighting corruption has been sent to Prime Minister David Cameron.
In it, Chief Minister Jonathan Le Tocq signalled the island's intention to further strengthen law enforcement co-operation between Guernsey and the UK.
It follows the Panama Papers scandal, which saw the leak of 11.5 million documents from the files of law firm Mossack Fonseca detailing how the 'ultra-rich and ultra-powerful' exploited secret offshore tax regimes.
Labour leader Jeremy Corbyn suggested yesterday that the UK government should impose direct rule on Crown Dependencies, such as the Channel Islands, and British Overseas Territories, such as the British Virgin Islands, if they were operating as tax havens to ensure they comply with UK tax rules.
Deputy Le Tocq, in his letter, said Guernsey had already shown leadership in this area and regulatory framework for trust and corporate service providers' supervision had been demonstrably successful.
He said the island's leadership was also demonstrated in the recent EU Moneyval evaluation report and work was being undertaken to implement the recommendations.
'In undertaking this comprehensive body of technical work, we are demonstrating our commitment to ensuring enhanced co-operation between law enforcement authorities on information-sharing for the prevention, detection and investigation of corruption, economic crime, money laundering and terrorist financing.'
