Ipes Guernsey's Managing Director, Andrew Whittaker, spoke to BBC Radio Guernsey's Jim Cathcart on Tuesday morning about the Island being branding as a 'Tax Haven' in the recently leaked "Panama Papers".
11.5 million files were leaked to journalists from more than 80 countries from the database of the Panama-based law firm Mossak Fonseca. Following the leak, labelled as the 'Panama Papers', there have been reports that UK Prime Minister David Cameron will come under pressure to crack down on 'offshore' international finance centres, including the Crown Dependencies of Guernsey, Jersey and the Isle of Man.
Andrew Whittaker, Managing Director of Ipes Guernsey and Chair of the Guernsey Investment Fund Association (GIFA), explained how there is a lack of understanding about Guernsey’s tax transparency, and the impact that the allegations could potentially have for the Island.
Andrew said, "Guernsey's membership of The Organisation for Economic Co-operation and Development (OECD) is important for maintaining the Island's reputation. Guernsey has a well regulated regime, with clear Anti Money Laundering laws and tax transparency. Its tax neutral status means that clients are paying tax where they need to be, not evading tax."
You can listen to Andrew Whittaker's interview on BBC Radio Guernsey at 2 hours into the show here.