The territory is self-governing, with the governor overseeing foreign affairs, defence and offshore finance.
Petroleum refining, tourism and offshore finance were the mainstays of the islands' economies.
The word offshore as in offshore finance vividly captures this sense that illicit trade takes place somewhere else.
Tourism, petroleum transshipment, and offshore finance are the mainstays of this small economy, which is closely tied to the outside world.
Senator Philip Ozouf, Jersey's Treasury Minister, said Cyprus was a fellow offshore finance centre but was in very different situation to Jersey.
Two of the region's mainstays, tourism and offshore finance, face growing competition.
Next year Transparency International will publish an updated ranking of big global companies, highlighting their use of offshore finance and their perceived willingness to pay bribes.
Offshore finance and information services are important foreign exchange earners and thrive from having the same time zone as eastern US financial centers and a relatively highly educated workforce.
The result is that developers may begin looking offshore to finance their projects.
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To do it EDS is pushing thousands of jobs offshore to handle human resources and finance and accounting.
During a nearly two-hour hearing Tuesday, Blum's knowledge of offshore tax evasion captivated members of the Senate Finance Committee, and they in turn grew increasingly annoyed with the Internal Revenue Service's ability to enforce tax compliance in offshore havens.
The German finance minister has praised a media investigation exposing secret offshore banking, saying he wants more joint EU action against tax evasion.
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Geoff Cook, chief executive of Jersey Finance Limited, said it was encouraging Jersey had remained the top offshore financial centre.
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According to local press reports, the Finance Ministry is considering a 6% financial transaction tax, or IOF, on offshore lending.
If the debt finance was used to pay dividends, those dividends would be tax free, if the recipients were offshore in tax havens.
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