Turkey signs anti-tax agreemnet with Jersey island

Turkey yesterday signed an agreement on information exchange with Jersey, a Channel Island British Crown Dependency, to block the unregistered money outflow to this tax haven. Finance Minister Mehmet Simsek said he hoped the deal would be effective in tackling tax evasion, adding that it isn't meant for show but will be enforced as a binding agreement. Simsek said that under the pact, Turkey and Jersey will share a wide range of information on money flow, enabling better tax supervision. Asked how much money belonging to Turks is currently being held abroad, Simsek declined to give specifics, but did say that during the "political and economic instability in Turkey in the 1970s and '80s, many believe that a large amount of money was taken out." The agreement is seen as an important step for fighting tax evasion and combating harmful tax competition.