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Tuesday, 3 July 2012

"Cook & Cover-up TV Bellyaching About The Guardian Article Will Not Change World Opinion"

Cook responds to Guardian article

 But not the response into the suspension of Graham Power the decent people of Jersey wanted, or the disgusting treatment of

Leah McGrath Goodman

Jersey Finance's Chief Executive Geoff Cook.

Jersey Finance's Chief Executive Geoff Cook has written to the Guardian newspaper in response to a recent article entitled Crown Dependencies: The Loophole Islands.

Cook highlights the 'prominent misrepresentation' in the article claiming the paper "fundamentally failed to understand the true nature of Jersey's finance industry".

He went on to explain the difference between tax evasion and tax avoidance pointing out that avoidance was legal and something many companies do (including Guardian Media Group).

The full letter below:

Dear Sir,

In headlining your editorial ‘Crown Dependencies: The Loophole Islands’ (29th June 2012) you reveal that you have fundamentally failed to understand the true nature of Jersey’s finance industry. Such a prominent misrepresentation cannot go unchallenged.

There has, over the last week or so, been a frequent conflation of the terms ‘tax avoidance’ and ‘tax evasion’. The latter is the illegal concealment of taxable activity. It is a criminal offence in Jersey and the island has no need or desire to engage in schemes designed to help companies or individuals evade UK tax.

As the Guardian does implicitly concede, ‘tax avoidance’ is more complicated. It can mean no more than legally minimising the tax you have to pay. This is something ­that many individuals and companies (including Guardian Media Group) seek to do legitimately. It could even be used to refer to such accepted schemes as ISAs.

For the record, Jersey will accommodate legally-planned tax schemes. If these schemes are challenged by HMRC and deemed to be illegal, Jersey will not house them. If an elected British government disagrees with the propriety of the schemes, it should ensure that the law is amended to make them illegal.

Tax planning of this type is actually a very small part of Jersey’s overall finance industry and you choose to ignore that much the greater part of Jersey’s activity is actually focussed on the pooling and structuring of international funds that have already been taxed.

Jersey has been successful as an international finance centre because it is a stable, well regulated jurisdiction with experience and skills which enable it to compete with other onshore and offshore locations around the world.

Your readers should be aware that in abusing Jersey with the term “Loophole” you are performing a gross disservice to its hardworking people. Moreover, your assertions ignore major academic studies by numerous highly respected institutions which evidence empirically that small international finance centres such as Jersey are in fact accelerators of global economic activity. Far from detracting from major economies, there is clear evidence that they provide a significant net benefit.
Yours faithfully,

Geoff Cook
Chief Executive
Jersey Finance


  1. "Your readers should be aware that in abusing Jersey with the term “Loophole” you are performing a gross disservice to its hardworking people."

    Bollocks Cook, we "hardworking people" wholly support the Guardians stance on stinking corrupt Jersey.

  2. Were there not four different Guardian reports on Jersey recently? 1/P Bailhache desperately wanting to go independant 2/The American Journalist banned from Jersey by the local establishment 3/Ousted Jersey Chief of Police Graham Power, proving without doubt that corruption was rife in Jersey's Government. And least important4/ The loopholes in the Jersey finance industry....

    The other three are the ones CTV,The Rag, and Co need to report on!?

  3. Mr Cook needs to take some professional PR advice. He seems to have an unhelpful knack of replying when it's not needed, all this does is return the non story back to todays news. One of the first things to do when managing PR is decided when and more importantly when not to respond.

    I am not supporting him or his stance, I think The Guardian has it right. I just thought I would show how badly advised he is when it comes to PR.

  4. I agree that PR efforts in Jersey are often crude and even foolish enough to backfire. The detention and banning of the international journalist for political repression is a prime example. That miscalculation by the oligarchy will continue to bring attention to Jersey corruption far more than if they had simply ignored her. In any event, she can still write her book about Haut de la Garenne without more spending time in Jersey, and she has inadvertently enhanced her journalistic credibility and international profile because of the outrageous mistreatment she suffered. Detaining an acclaimed American journalist as if she had engaged in criminal or violent terrorist acts? How stupid is that?

  5. Looks like the inadequate one JON HAWORTH is unfortunately, still alive!

    However, his cheep badlee spelt cawments are not getting published on this blog, reason? simply that he is an asshole :)

  6. Don't you just love it when Geoff Cook keeps up that illusion that Jersey is well regulated. It's a big world out there, and Mr Cook and his colleagues are doing Jersey no favours by hiding from the truth.

    You tell the truth Ian about Haworth, what a complete plonker, one brick short of a wall !

    Spotted this.