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.
Guernsey says the Labour should use the island as an example of jurisdictions who are improving international standards.
The Treasury and Resources Minister has been meeting with the Shadow Treasury team in Westminister.
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.