| The progress of Stop Tax Haven Abuse Bill, instigated by Senator Carl Levin, has been further disrupted by the announcement of an alternative bill by Senator Max Baucus, Chairman of the Senate Finance Committee. The Levin Bill would have a blacklist of so called ‘offshore secrecy jurisdictions’ which would include Jersey, Guernsey and the Isle of Man, despite their track record of high regulatory standards and international co-operation in combating financial crime. The Baucus alternative avoids the compilation of a black list of offshore secrecy jurisdictions, but still includes strong measures in the fight against offshore tax evasion and gives additional powers to the Internal Revenue Services, therefore being better option for offshore jurisdictions, such as Jersey. |
