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2015.02.24
3.5 Deputy G.J. Truscott of the Chief Minister regarding a response to the U.K. Leader of the Opposition's suggestion Jersey could be blacklisted by the O.E. C.D :
Following suggestions by the U.K. Leader of the Opposition that it would request the O.E. C.D . (Organisation for Economic Co-operation and Development) to blacklist Jersey should the Island fail to implement a public register of corporate beneficial ownership within 6 months of a Labour Government, does the Chief Minister agree with the U.K. Financial Secretary that the logical conclusion would accordingly be the blacklisting of 32 out of the 34 O.E. C.D . member countries, including Germany and the United States?
Senator I.J. Gorst (The Chief Minister):
Could I ask Senator Ozouf to answer this question as it falls within his responsibility in my department?
Senator P.F.C. Ozouf (Assistant Chief Minister - rapporteur):
Yes, I think the Exchequer Secretary was absolutely right in saying that most of the O.E. C.D . members do not have public registries. Indeed, the O.E. C.D . would only respond to such a request if there was a standard that they had requiring public registries of corporate beneficial ownership. However, if for the sake of argument the O.E. C.D . decided to put on a blacklist all jurisdictions failing to meet a requirement, it would need to apply globally. So the Deputy 's point in David Gauke's comments was absolutely correct.