HIDING cash

Amid the smouldering wreckage of the credit crunch last September various governments pronounced that days of tax havens were numbered. Large corporations were legally using shell companies to transfer funds to avoid paying tax on profits. Then there's the criminal networks of money launderers washing all the billions accrued through stuff like drug and gun smuggling, not to mention the burgeoning counterfeit and fraud industries. So, ten months later have the secret piggy banks been cracked open? Well, er, no.
The OECD had set up a system known as Tax Information Exchange Agreements (TIEAs). Any country which had failed to set up at least 12 would be on the black list and risk possible sanctions. Every jurisdiction now has the minimum dozen agreements signed up. Jersey for instance includes the Faroe Islands and Greenland among its twelve. It has also signed a TIEA with Ireland but it is not actually active. It's the same with the TIEA between Ireland (see Ireland's TIEAs here) and Guernsey, another preferred bolt-hole for hot cash coming out of Ireland.
In other words it's business as usual.