David Miliband, the Leader of the Opposition and Labour Party in the UK, said that he had written a letter to overseas territories and crown dependencies stating that his government would blacklist and refer any that failed to produce publicly accessible central registers of beneficial ownership (who profits from a company) to the Organisation for Economic Co-operation and Development (OECD).
Gibraltar was among those targeted by Mr Miliband last weekend, saying they would have six months to open their books or face international blacklisting if Labour wins the general election.
The Chief Minister of Gibraltar responded immediately, stating that Gibraltar was not just an overseas territory, but also an important part of the European Union.
Speaking in a live interview on Sky News, Mr Picardo said “The standards that apply in respect of financial services and their provision from Gibraltar are exactly the same standards that apply in respect of London, in respect of Frankfurt and the rest of the EU. Therefore it is quite unfair to characterise Gibraltar as a tax haven.”
He went on to say that it was “very unlikely” that Gibraltar would be put on a blacklist.
“Mr Miliband is not saying, I’m sure, that he is going to create a blacklist for all those who have a central register whether or not it is public,” he added. “So if I find myself in the company of Germany, Spain and France on a blacklist, that won’t be an uncomfortable place to be.” Mr Picardo said.
The Chief Minister responded further to Mr Miliband in a letter this week, stating that he was sure the Labour Leader was not suggesting the UK might somehow be prepared to impose “Direct Rule” on the Overseas Territories via the application of “unconscionable pressures” not equitably imposed across the board on others.
Other UK Overseas Territories, besides Gibraltar have reacted angrily to Ed Miliband’s plans. Jersey, Bermuda and Guernsey said they have already done more than other countries to tackle opaque financial structures used in financial crime.
Mr Miliband also received criticism at home from the Chancellor George Osborne who stated in a BBC interview, “The Labour leader is simply not fit for office because he does not think through the consequences of his anti-business, anti-enterprise and anti-our partners abroad policies.”
The Chancellor added, “The countries that would be hit by Ed Miliband’s policy would be the United States of America, France and Germany. The new British prime minister would turn up in Washington and say ‘I am blacklisting your country’.”
Europa Trust Company Ltd is based in Gibraltar and for 30 years has built a reputation as a stable and reputable business.
We provide a comprehensive range of company and trust formation and management services including company and trust administration, corporate directors, shareholders and secretaries, accounting, marine registration and other associated services.
It is Europa Trust Company’s policy to conduct all of its business in an honest and ethical manner. We take a zero-tolerance approach to bribery and corruption. We appreciate clients legitimate need and right to privacy and confidentiality. We are licensed and regulated by the Financial Services Commission and ISO 27001 (Information Security Management Systems) and ISO 9001 (Quality Management Systems) certified.