Jersey has signed a tax information exchange agreement with the UK, becoming the last of the crown dependencies to sign such an agreement following earlier moves by Guernsey and the Isle of Man.
Jersey Finance, the body responsible for the promotion and development of the finance industry in Jersey, said the agreement was proof that it is willing to actively participate in the combat against tax evasion.
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The new agreement will allow the UK government more access to the details of Jersey-based bank accounts.
By introducing such a package, the UK follows the US in setting up a Foreign Account Tax Compliance Act (FATCA) law.
Commenting on the deal, Heather Bestwick, Deputy CEO of Jersey Finance, said it offered a certainty to the finance industry and reflected Jersey’s international reputation for high standards of regulation.
She said: "Our focus from this point forward will be to continue to work closely with government on the detail of each element."
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