GUERNSEY does not need to fear President Obama’s pledge to crack down on tax haven abuse, according to the island’s Chief Minister Lyndon Trott (pictured). The Obama campaign included his co-sponsoring a bill on tax-haven abuse which named Guernsey. Some commentators expect the new administration to act swiftly on this.

‘I don’t believe, based on the facts, that Guernsey has anything to fear over tax haven abuse, but sentiment towards the global financial services industry is such that we face increased challenges in the months ahead,’ said Deputy Trott.

‘We have had a Tax Information Exchange Agreement with the US now for some years – a fact which is often unappreciated, even by US policymakers.’

He added that Guernsey was increasingly positioned in the top tier as a transparent and co-operative jurisdiction.

‘If we can encourage others to concentrate on the facts, not the perceptions – our financial services sector should not feel under threat. Our job as the States will be to ensure that the maximum number of influential figures understand the realities rather than the perceptions of the business that we do.’