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World

Why Jersey says it's not a tax haven

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Opening sequence

World

Why Jersey says it's not a tax haven

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COMING UP:Why Jersey says it's not a tax haven

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00:00:00
>> Convincing the world you're not a tax haven isn't easy, especially with images like this. But as pressure grows on offshore industries, Jersey is fighting back. The term it prefers is international financial center, offering expertise and neutrality, as well as 0% corporation tax. There are over 33,000 companies registered in Jersey form over 140 different countries.
00:00:26
And it's estimated that this tiny island manages more than 1.3 trillion pounds worth of international wealth. The money that flows through here is still subject to tax, but only in its origin and destination. To some, this constitutes tax avoidance. Campaigners also accuse places, like Jersey, of maintaining a veil of secrecy, leading to calls for a global public register of beneficial owners.
00:00:52
Jersey has held a private register since 1989, but says a public one would be a breach of clients' privacy.