Paradise Papers: ‘island has nothing to worry about’
CONCERNS over the future of the Channel Islands’ finance industry have been raised following the leak of the Paradise Papers.
Experts in Jersey have said there is the possibility laws could be changed to clamp down on business in the islands, and there have been calls from some parties for international tax reform.
A Guernsey lawyer said, however, that the island had nothing to worry about.
‘What we have got here is someone using stolen, private data, so when looking at the papers legally we don’t start from a good place,’ said Raymond Ashton, founding partner of Ashton, Barnes and Tee.
‘A lot of the media coverage hasn’t taken into account what the clients who have had their data stolen would say in response to the allegations that they are legally placing their money.
‘Lewis Hamilton’s jet for example, or Bono – Bono has income internationally, and the tax burden on that is probably significant, so it is not surprising he is using somewhere like Malta to protect some of his money.
‘I would have done the same.’
Full story in today's Guernsey Press