Ferbrache & Farrell LLP, as a Guernsey rooted full service and commercially driven law firm, is delighted to confirm that Guernsey continues to be treated by the EU as a co-operative jurisdiction and has not been included in the list of non-co-operative jurisdictions, the so-called “EU black list”, as agreed by the European Council of Ministers.  This position reaffirms Guernsey’s continued engagement with the EU Commission and the EU Code of Conduct group. 

Whilst the Council of the EU set out that a number of Non-EU countries, including Guernsey, should address any query on economic substance, Guernsey’s asset management and fund industry is confident that in light of its infrastructure, commitment to corporate governance and its work arising out of the OECD’s BEPS action points, it will be able to sustain such requirements.

The Guernsey press statement and the comments by its President of the Policy & Resources Committee are available at https://www.gov.gg/article/162867/Guernsey-welcomes-EU-reaffirmation-of-cooperative-jurisdiction-status and the European Council Press release is set out at http://www.consilium.europa.eu/en/press/press-releases/2017/12/05/taxation-council-publishes-an-eu-list-of-non-cooperative-jurisdictions/

Author Gavin Farrell Advocate & Partner