British offshore financial centres: Foot reports to Treasury on how they should send a strong signal by meeting G20 standards
02 November 2009
The report covers a number of important areas that impact on the future sustainability of these jurisdictions and sets out a series of robust and sensible standards that Crown Dependencies and Overseas Territories will be expected to meet.
Michael Foot has today published his independent review of British offshore financial centres.
Michael Foot was asked by the Chancellor of the Exchequer to conduct a review of the long-term opportunities and challenges facing the British Crown Dependencies (CDs) and Overseas Territories (OTs) as financial centres.
The report covers a number of important areas that impact on the future sustainability of these jurisdictions and sets out a series of robust and sensible standards that Crown Dependencies and Overseas Territories will be expected to meet.
The recommendations in Mr Foot’s report addressed to the jurisdictions provide benchmark standards against which each can assess itself. He recommends the jurisdictions he reviewed to consider what action they may need to take to achieve these standards.
The report clearly states that British offshore financial centres must ensure they meet international standards on tax information exchange, financial regulation, anti-money laundering and countering the financing of terrorism, as well as ensuring, they put their public that finances on a firmer footing by diversifying their tax bases.
Financial Secretary to the Treasury, Stephen Timms said:
“I welcome Michael Foot’s report which comes amidst a real step change in the international determination to tackle tax and regulatory havens under the UK’s leadership of the G20. This report sends a strong signal to overseas financial centres that they must ensure that they have the correct regulation and supervision in place, while also ensuring their tax bases are more diverse and sustainable to withstand economic shocks – this is essential to their long term stability”
© HM Treasury
