To ask Her Majesty's Government whether they are considering sanctions on British overseas territories or Crown Dependencies which are offshore financial centres. [HL4583]

In accordance with the communiqué agreed at the G20 London Summit, the Government are prepared to consider sanctions against jurisdictions that have not substantially implemented the international standard on exchange of information in tax matters. A number of British Overseas Territories and Crown Dependencies have already met the required standard, notably, Jersey, Guernsey, Isle of Man and Bermuda. We would expect others to do so as rapidly as possible.