Mounting worldwide criticism of its parasitic behavior and the damage it causes, is prompting one of the planet’s oldest tax havens to take action. The response is not to develop a real economy and eschew tax fraud parasitism, however.
Instead, taxpayers on the Isle of Jersey will be forced to give money to an organization representing the banks that promote tax evasion. That money will then be used to attack the industry’s critics.
Jersey is giving ₤5 million ($7.9 million) to subsidize the bankers’ fight, The Jersey Evening Post newspaper, which serves the 45-square-mile island, reported on Jan. 26: