CLAIMS that money is flowing out of Guernsey because the wealthy now want their money onshore are wide of the mark, according to Treasury minister Charles Parkinson.

Research carried out by Wealth Bulletin suggests Europe’s wealthiest are looking to play it safe as a result of growing pressure to declare assets to tax authorities, hostile governments and tougher economic conditions.

The publication claims an estimated 25% of offshore funds – $520bn – has left offshore centres in Europe since the beginning of 2008.

It states that the Channel Islands and the Isle of Man have seen European offshore money net flows fall from $438bn at the end of 2007 to $370bn at the end of last year.

But Deputy Parkinson (pictured) said it was not something of which he was aware or that was apparent within the sector itself.

In any case, he said, Guernsey was much more widely used in an institutional sense as opposed to wealthy individuals basing their money here.

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