MercoPress. South Atlantic News Agency

Praise for PM Cameron statements that BOT should not be described as tax havens

“We will continue to lead on meeting international standards of tax and transparency,” said the territories’ leaders including Gibraltar’s Picardo

Gibraltar’s Chief Minister Fabian Picardo and other leaders of the British Overseas Territories have welcomed remarks by the Prime Minister David Cameron that Overseas Territories should not be described as tax havens.

The premiers and chief ministers of the Overseas Territories welcomed Mr Cameron’s statement made in the House of Commons last week that it is unfair to label our Territories as Tax Havens.

“Our territories are well regulated, independent financial services jurisdictions, and play an integral role in facilitating global business. We will continue to lead on meeting international standards of tax and transparency,” said the territories’ leaders.

“We further wish to reiterate our support for Mr. Cameron’s presidency of the G8 and the G8 agenda as we work together on the global fight against the scourge of tax evasion and money laundering as set out in our Action Plans on beneficial ownership,” the said.

The statement was signed by Gibraltar, Anguilla, Bermuda, British Virgin Islands, Cayman Islands, Falkland Islands, Montserrat and Turks & Caicos Islands.

The Prime Minister had told the Commons that the territories had all agreed to take the necessary action on tax exchange with the UK, international tax co-operation and beneficial ownership set out at the meeting he had with them.

“I do not think it is fair any longer to refer to any of the overseas territories or Crown dependencies as tax havens. They have taken action to make sure that they have fair and open tax systems. It is very important that our focus should now shift to those territories and countries that really are tax havens. The Crown dependencies and overseas territories, which matter so much—quite rightly—to the British people and Members have taken the necessary action and should get the backing for it.”