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Clarification issued on Guernsey’s OECD position

Guernsey’s government representatives, the regulator and industry bodies have been working together to inform EU and EEA authorities of Guernsey’s position in the Organisation for Economic Co-operation and Development (OECD).

The fact that Guernsey is within the OECD has not always been apparent as Guernsey is included through the UK’s membership of the OECD. As a result, the States of Guernsey has issued the following statement agreed by HM Treasury and the Ministry of Justice (MOJ): “The OECD Convention was extended to Guernsey on 20 July 1990. This means that the OECD Convention applies to Guernsey and it is part of UK's membership of the OECD. OECD decisions and recommendations apply to the same extent to Guernsey as they do to the UK.”

This clarification reinforces Guernsey’s position as a tax transparent jurisdiction and confirms Guernsey attractiveness as a fund domicile which is particularly important given that in certain jurisdictions there are prohibitions on the marketing of funds which do not originate from the OECD.

Mark Huntley, Managing Director of Heritage International Fund Managers said: “The clarification of Guernsey’s status in respect of the OECD is very helpful in confirming that the Island conforms to international standards. It also supports the recent EU Commission’s endorsement of Guernsey as a co-operative and highly transparent jurisdiction following Guernsey's erroneous inclusion on the EU blacklist. The clarification and the recent confirmation from the European Investment Fund (EIF) that it does not consider Guernsey as blacklisted by the EU or any other Lead Organisation are both positive developments for the Island and the investment funds industry.”

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