In the drive against offshore centres and tax evasion, Jersey has joined other Crown Dependencies and Overseas Territories in signing a Tax Information Exchange Agreement with the UK. The argument for transparency between countries and territories has played a crucial role in clamping down on tax evasion, with senior political figures worldwide urging that action is taken. Financial secretary to the Treasury Stephen Timms said that Jersey's decision was 'a crucial step in the right direction' and urged more countries to make the same decision. The agreement, signed today between Timms and Jersey's chief minister Terry Le Sueur, was the UK's fifth comprehensive TIEA, following those with Bermuda, the Isle of Man, the British Virgin Islands and Guernsey. HM Revenue & Customs permanent secretary for tax Dave Hartnett said: 'The importance of this TIEA with Jersey should not be under-estimated. It will enable us to obtain the information we need to ensure that the days when putting assets off shore provided an unfair tax advantage, are well and truly over.'