Jersey is Cream of World’s Offshore Financial Centres
Jersey is the world’s leading offshore centre, according to a study by the City of London.
The island stands 14th in the league of international financial centres, with Guernsey one place behind.
Top of the table are the financial giants of London and New York.
Offshore financial centres have faced a lot of criticism from the Organisation of Economic Development (OECD) countries as allowing wealthy individuals, banks and companies to operate behind a curtain of secrecy that contributed to the recession.
Them OECD countries, led by the UK and USA, have enforced many of these former tax havens to step out in to the light and allow transparent tax regulation for the first time.
The British Virgin Islands is the only offshore centre to rise in the ratings - up just one place to 33rd.
The OECD has put together three lists of financial centres according to their willingness to impose regulation and reveal details of secret bank accounts.
The ‘White list’ centres are higher up the City’s financial centres league table than those on the ‘grey list’ - that include Bahamas and Gibraltar.
Centres on the ‘black list’ include Panama, the Dominican Republic and Turks and Caicos Islands.
The Global Financial Centres Index was first produced for the City of London Corporation in March 2007 and ism published every six months. Financial centres are rated on terms of competitiveness.
TOP TENS: How the leading financial centres stack up in different financial sectors
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