Dozens of non-governmental organisations on Friday joined a protest against tax havens outside international banks on Jersey in the Channel Islands.
"We are here in Jersey not because we want to draw a picture of Jersey itself, we want to draw your attention to the major problems in the entire financial system," said John Christensen of the independent Tax Justice Network.
"Today we will show that there are banks engaged in activities around the world that use places like Jersey not just for tax evasion but also as a major part of the shadow banking system," he said.
Tax havens like Jersey are a "crucial part of the financial crisis," he added. The protest comes amid efforts by some countries to put pressure on tax havens and nations which maintain bank secrecy, with Germany stressing that Washington is showing new-found willingness to ensure that offshore financial centres do not go unregulated in the wake of the current crisis. Switzerland agreed Friday to relax its long-held bank secrecy laws.
On Jersey, militants from the anti-globalisation group Attac carried balloons covered with false banknotes as they marched past the branch offices of HSBC, Societe Generale, BNP Paribas, Citibank, Allied Irish Banks and others, with a few local residents joining the group. Outside each bank they explained why bank practices are allegedly hurting Jersey, developing countries or the international financial system.
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