In a letter to The Economist last month, Geoff Cook, CEO Jersey Finance, clarified the positive contributions international finance centres (IFCs) such as Jersey bring to the development of global wealth.
Geoff Cook wrote the letter in response to The Economist's article 'A new study details the wealth hidden in tax havens' (October 2017), which is an extension of the work presented in Gabriel Zucman's 2015 book, The Hidden Wealth of Nations.
On the topic, Geoff said, "It's necessary that we responded because the analysis and estimates in the latest paper, as well as the original volume, are misleading and flawed. It is important to present the facts clearly and fairly.
"Additionally, he makes no effort to mention the many benefits IFCs bring to the development of wealth globally.
"Actually, the World Trade Organisation points out that global growth in trade has resulted in the doubling of incomes in 10 developing countries – representing 1.5bn people. IFCs boost cross-border trade and financial intermediation and so play a critical part in facilitating this essential growth and the alleviation of poverty across the globe.
"Investment through Jersey, for example, can have a positive effect for vital public services in other countries.
"By creating a clear and safe environment for investors to work in, we bring about a more promising future where everyone benefits – including those who need it most."
Read Geoff Cook's published letter on The Economist's website
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