24/07/18

OECD Global Forum rates Guernsey transparency

(BL Global) -- Guernsey has received an overall rating of 'compliant' from the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes.

The rating follows the second round of Global Forum peer reviews to assess compliance with the international standard on tax transparency and exchange of information on request.

Guernsey and Jersey were both rated 'largely compliant' after the first round of reviews ended in 2016. While Jersey and the Isle of Man were two of the first jurisdictions reviewed as part of the second round, Guernsey's did not take place until August 2017. Confirmation from the OECD that Guernsey is compliant matches the ratings of the other Crown Dependencies.

The Global Forum is the multilateral body mandated to ensure that jurisdictions around the world adhere to and effectively implement the international tax transparency standards. These reviews assess jurisdictions against updated international standards, which incorporate beneficial ownership information of all legal entities and arrangements.

Deputy Gavin St Pier, President of the Policy & Resources Committee, welcomed the assessment. He said: "A major part of the Global Forum review process focused on the effectiveness of our beneficial ownership register. The information on our register is verified by regulated service providers and updated on a near-to-real-time basis, and is accessible by law enforcement and tax authorities on request.

"Guernsey is often under increased political and media scrutiny and the peer review rating is further confirmation that the international community recognises we are a jurisdiction at the forefront of providing information to help authorities tackle tax evasion and other financial crimes."