Just The Facts

The Curious Source of U.K. Competitiveness

Why does the U.K. keep aiding and abetting tax cheats?

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  • Britain has several major tax havens within its control but outside EU regulator jurisdiction.
  • British tax havens include the Channel Islands, Gibraltar, the Caymans and British Virgin Islands.

1. Great Britain has many money laundering centers and tax havens in its legal remit.

2. These include (among many others) the Channel Islands, Gibraltar, the Cayman Islands and the British Virgin Islands.

3. Each offshore financial center is under effective British control.

4. All but Gibraltar remain technically outside the European Union.

5. This means that Great Britain has offshore banking options that can escape European regulation.

From With Swipe at UK, Austria Defends Bank Secrecy (International Herald Tribune)



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