The Chief Minister of Guernsey, Deputy Peter Harwood (pictured), and the Chief Minister of Jersey, Senator Ian Gorst, have released a joint statement following their recent meeting with officials from HM Treasury in relation to UK proposals to introduce similar measures as the US Foreign Account Tax Compliance Act (FATCA).

The statement reads:

“The Crown Dependencies are well advanced in their negotiations with the USA regarding the Foreign Account Tax Compliance Act (FATCA) and are awaiting the publication of the final US Regulations promised before the end of the year.

“Reflecting the interest being shown by the OECD and the EU in the wider application of the principles behind the US FATCA arrangements, the UK has approached the Crown Dependencies and the Overseas Territories with a view to the principles being applied to an exchange of information with the UK.

“Crown Dependencies officials held an exploratory meeting with HM Treasury officials this week to understand better the UK proposals. Further discussions are expected.

“The UK and the Crown Dependencies share a common commitment to combat tax evasion and to participate generally in international efforts to combat financial and other crime including fiscal crime.”