|Where the money is moving to|
At a meeting hosted by the Guernsey FSC the delegates were told there is too much regulation, (I remember one candidate saying that at the last Senatorial election in Jersey but was ridiculed for doing so).
Meanwhile Baroness Williams proven her age by proclaiming us as one of the most secretive jurisdictions in the world the JEP reported
"JERSEY has been labelled ‘one of the most secretive tax havens in the world’ in the House of Lords after it was revealed that UK citizens hold some £19 billion in Jersey, Guernsey and Isle of Man accounts.
In an exchange between Baroness Williams of Crosby – former Labour and SDP MP Shirley Williams – and deputy government chief whip Lord Newby, it was also revealed that the UK tax department is setting up a new unit to specifically look into money held offshore.
Baroness Williams, a former UK Education Minister who sat in the House of Commons for 17 years, had asked the original question on Monday about how much money British citizens held in Channel Island accounts, and what was being done to investigate them. She also claimed that ‘Jersey is one of the most secretive tax havens in the world’."Whilst I applaud Baroness Williams for trying her best to get us some new customers, the rich really do know where the most secretive jurisdictions in the world are and they know that both Jersey and even Switzerland will do nothing to keep the prying eye of governments out from where they do not belong.
In a recent poll Singapore was voted the most favoured jurisdiction for the world's rich to berth their wealth and Jersey's financial institutions are keen to move their client base there.
The rich do not want governments knowing what they are doing. When I am asked by government what my business is, my natural response is 'NOT YOURS'.
Switzerland, long held to be a finance centre of choice, is losing business fast as they open up their banks to foreign scrutiny, just as Jersey has done as fast as possible. The writing is on the wall and even the JEP is telling you this now, as long as you are listening to what is being said.