Tax havens, or low or efficient tax jurisdictions as many prefer to be called, are in the dock. They consider themselves the unfair targets of an unprecedented crusade from a growing coalition of big countries on both sides of the Atlantic to clap down and regulate offshore financial centres. Some, especially Switzerland, consider themselves victims of a broader campaign to erode their traditional lucrative private wealth management business.

Switzerland, Luxembourg and Liechtenstein are all scrambling to organise a concerted defence of their financial systems ahead of the G20 summit in London next month that is proposing to crack down on tax havens. Some are seeking to pre-empt what they fear could turn into an indiscriminate offensive on tax evasion by rushing to sign new exchange of information and transparency agreements. Jersey, for example, is doing just that by signing this week such an agreement with the UK Treasury.