UK politician, Ed Miliband is threatening to put Jersey and Guernsey on a tax black-list unless measures are made to improve transparency.
He says if the Labour Party are voted in during the next election, he will take action within six months of coming into power.
Peter Mills, Chair of the Guernsey International Business Association, has told ITV News that Ed Miliband's comments on Jersey and Guernsey tax were sweeping statements that needed to be better though out.
UK Labour leader Miliband had threatened that if his party is voted into power in the next elections, he will give British tax havens six months to open their books.
Mills said if anything Jersey and Guernsey are leading the UK in a number of areas.
Jersey's Chief Minister has responded to Ed Miliband's threats to put the island on a tax black-list by inviting him to Jersey.
Lord Mandelson said he strongly supported the Labour leader and dismissed claims that he had 'sounded out' a possible replacement.
Offshore tax havens would have just six months to open their books or face international blacklisting if Labour win the election in May.