At a hearing held on 3rd May entitled 'Offshore Tax Evasion; Stashing Cash Overseas' the United States Senate Finance Committee considered how it could overcome the problem of US taxpayers evading local tax by placing their assets 'offshore'. Information exchange was seen as one of the solutions suggested that could help the US treasury close that 'tax gap'.
In the course of the hearing, testimony submitted made particular reference to the use of 'tax havens'. As Guernsey has been included in a list of 'offshore secrecy jurisdictions' and as a 'tax haven country' in bills currently being promoted before the US Senate, it was considered important that the Committee should be made fully aware of Guernsey's status as a well-regulated, well-respected financial centre, and of the considerable steps it has taken, and continues to take, in cooperating in the fight against international financial crime.
