Commenting on the joint statement from the Chief Ministers of Jersey and Guernsey regarding ‘UK FATCA', Heather Bestwick, Deputy CEO of Jersey Finance said: "We welcome the clear and robust statement issued jointly by the Chief Ministers of Jersey and Guernsey on the subject of ongoing discussions regarding a ‘FATCA style' agreement between the UK and the Crown Dependencies and Overseas Territories. As the statement clearly explains, this is an important and complex matter that should be developed and agreed by a process of constructive consultation between all parties. It is the view of industry that considerable work is still required to construct a solution that meets the long-term needs of the UK while at the same time avoiding the very real risks of disproportionate costs in terms of implementation and compliance and unintended consequences that might unduly harm the international competiveness of Jersey and Guernsey. As a representative body for the finance industry in Jersey, we welcome our government's call for such a consultative approach and believe that this reflects Jersey's long-standing cooperative relationship with the UK and our commitment to adherence with international standards that are applied on a level playing field basis.”
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