Financial Transparency Coalition

Summary*: The final report of Michael Foot’s Review of the opportunities and challenges facing the British Crown Dependencies (Guernsey, Isle of Man, Jersey) and six Overseas Territories (Anguilla, Bermuda, British Virgin Islands, Cayman Islands, Gibraltar, Turks and Caicos Islands) was published on 29 October. The recommendations made to these jurisdictions cover: the quality and extent of economic planning; meeting international standards on tax transparency, financial sector regulation, and tackling financial crime; ensuring that deposit protection schemes can be understood by depositors; considering whether an Ombudsman scheme is justified; and crisis prevention and resolution measures.

These recommendations provide benchmark standards against which each of the jurisdictions can assess their performance and consider what action may be necessary to ensure a sustainable future.

The report suggests that the jurisdictions should periodically publish reports on how the benchmark standards are being met, or on how and when they will be met.

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Source: HM Treasury