Following meetings between Guernsey's Chief Minister and officials in Washington DC, the offshore finance centre has had its name removed from the US ‘blacklist' of jurisdictions accused of practising offshore secrecy.
Whilst Guernsey has always refused to accept its name should have been on the list in the first place, it has taken a while to put the matter straight and thanks Democrat Senator Carl Levin for unveiling a modified bill that no longer lists Guernsey.
At the meeting held last week in Washington DC, Guernsey’s Chief Minister Lyndon Trott continued a dialogue which started nearly a decade ago to strengthen ties between the Guernsey and US governments and sought to reinforce Guernsey’s reputation as a leader in tax transparency, information exchange and international co-operation.
Guernsey says this dialogue enabled the island to present itself as a well-regulated financial sector, underpinned by its lack of bank secrecy laws and its co-operative stance on tax information sharing as well as the chance to object to the inclusion of Guernsey as a presumed secrecy jurisdiction.
The Chief Minister said, “The decision to no longer blacklist Guernsey is a major achievement that underscores the importance of having started and continuing the dialogue with politicians and government officials in Washington. We are delighted that our relationship with the United States is not only recognised as important but that it continues to be judged by both governments as a success.”
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