Outrage at Bermuda and Jersey removal from French blacklist

   0   0 Blog, Information Exchange
SONY DSC

French anti-tax haven protesters target Jersey

According to Mediapart the French government is under fire, again, this time over its decision to remove both Bermuda and Jersey from its blacklist of uncooperative tax havens.   Senior members of the government, including foreign affairs minister Laurent Fabius, are reported to be opposed to their removal.  Mediapart reports that Fabius has advised finance minister Pierre Moscovici that these removals are “not politically opportune.”

Bermuda and Jersey were added to the French blacklist of ‘uncooperative jurisdictions’ in August 2013.  Since then, the finance ministry has stated that both jurisdictions have cooperated with French requests for information exchange.  Jersey, according to Moscovici,

“has agreed to modify its interpretation of the Iinternational cooperation) convention to lift technical obstacles for the obtaining of information by France.”

But senior politicians close to the government are not satisfied that either island has satisfied the necessary conditions for removal from the blacklist.  Elisabeth Guigou, who chairs the parliamentary foreign affairs committee, and Christian Eckert, general rapporteur on budget affairs on behalf of the ruling Socialist Party, have jointly condemned the “unjustified” removal.  Citing the latest report of the Global Forum on Transparency, released at its meeting in Jakarta on 21st/22nd November last year, they have issued a joint statement on 19th January saying “Neither Jersey nor Bermuda have obtained an overall notation to justify this removal.”

Opposition politicians are also fiercely opposed to Bermuda and Jersey’s de-listing.  Anti-corruption campaigner Eva Joly, a former examining magistrate now elected member of the Europe Ecologie-Les Verts party, has written to Moscovici denouncing the move and arguing that neither island has conceded to the principles of multilateral automatic information exchange or recording of beneficial ownership on a public registry.  Joly fears that the Hollande government has buckled under pressure from major corporations, such as BNP-Paribas with its huge tax haven operation in Jersey:

“It is also during these moments that our government places its credibility at stake over its capacity to not give in to pressure from major corporations which are champions of tax evasion . . . “

Read the full Mediapart article in English here.


Related Posts

New research on key role major economies play in global tax avoidance

offshore-network_colorcorrectedAn important new study on Offshore Financial Centres (OFCs) from the University of Amsterdam has made some fascinating discoveries, challenging, as the Financial Secrecy Index has, the popular misconception that tax havens are only palm fringed little islands and exposing that in fact major economies play a key role in global tax avoidance. Specifically they’ve […]

READ MORE →

Launch of international research collaboration, #AltAusterity

alt austerityToday is the launch of #AltAusterity, a new, international research collaboration of which Tax Justice Network is a partner.  The project aims to stimulate public debate on the subject of austerity though high quality research. It is a response to the lack of evidence which has underpinned the current policy agenda on austerity. The project […]

READ MORE →

RB tax avoidance – company calls for public country by country reporting after Oxfam report reveals profit shifting

pictureOxfam has today released a report on tax dodging by RB, the company formerly known as Reckitt Benckiser and the maker of thousands of well known household products. The report looks at the 2012 restructuring of the company which saw it set up ‘hubs’ in the Netherlands, Dubai and Singapore, all well known corporate tax […]

READ MORE →

Half measures mean Mauritius will continue to be a tax haven for the developing world

MauritiusThere was news this week that Mauritius has signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). This is an initiative from the OECD to allow countries to take measures designed to stop tax avoidance by multinational companies and put them into their existing network of […]

READ MORE →

G20: Pressure rising on tax haven USA

HamburgWhilst the eyes of the world focused on the isolation of the US from the ‘G19’ position on climate change, something remarkable played out elsewhere in the process. Following closely the common EU position that we highlighted a few days ago, the G20 communique devotes important space to tax justice. It’s so good we quote […]

READ MORE →

About The Author

John Christensen

Trained as a forensic auditor and economist, he has worked in many countries around the world, including a period of working in offshore financial services with Touche Ross & Co. For 11 years he was economic adviser to the government of the British Channel Island of Jersey. In 2003 he became what the Guardian has described as “the unlikely figurehead of a worldwide campaign against tax avoidance.” His research on offshore finance has been widely published in books and academic journals, and John has taken part in many films, television documentaries and radio programmes.
View all posts by

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to Top