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Guernseys leading politician has rejected claims by US senators that the island could well be a location for US tax evasion.
A bill is currently being taken to the US Senate which targets 34 offshore jurisdictions, including Guernsey, as locations used by US citizens to avoid paying taxes by keeping their savings in offshore bank accounts.
Other jurisdictions focused on by the bill include Alderney, Sark and Jersey.
Senators claim tax avoidance involving the islands offshore banking systems is costing the US treasury almost $100 billion (£50 billion) a year.
However, Mike Torode, Chief Minister of Guernsey, told the Senate Finance Committee that the island was a "responsible" finance centre.
As reported by the BBC, Mr Torode afterwards emphasised: "Given that the main purpose of the hearing was to consider how the problem of US taxpayers evading local tax by placing assets overseas might be overcome this was an important opportunity for Guernsey to set the record straight.
"I made it very clear that we are in no way a so-called "tax haven", but a responsible international finance centre maintaining the highest regulatory standards."
In related news, Guernsey Finance has this week announced that the introduction of a registered regime for closed-ended investment schemes has helped send the value of funds held under management and administration in Guernsey to a new high of more than £140 billion ($276 billion).
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