"I welcome the Prime Minister's acknowledgement that the label tax haven is one that is not applicable to Guernsey. As the Prime Minister's recent letter to me recognised, Guernsey has shown leadership on tax transparency for a number of years, and continues to do so. Guernsey is not a tax haven, and nor is it a secrecy jurisdiction - it is a transparent and open international finance centre," said Harwood.

After his meeting at the G20 summit in Russia, Cameron told parliament on Monday that he thought it was unfair to refer to Crown Dependencies and Overseas Territories as tax havens following the progress they have made regarding international tax matters.

“I do not think it is fair any longer to refer to any of the Overseas Territories or Crown Dependencies as tax havens. They have taken action to make sure that they have fair and open tax systems," said Cameron.

“It is very important that our focus should now shift to those territories and countries that really are tax havens. The Crown Dependencies and Overseas Territories, which matter so much - quite rightly - to the British people and members, have taken the necessary action and should get the backing for it," Cameron added.

Harwood's sentiments were echoed by Jersey's chief minister, Senator Ian Gorst.

“I am pleased that the Prime Minister has recognised the international efforts of Jersey and the other Crown dependencies in such robust terms. His words highlight the positive action that Jersey has taken to demonstrate its commitment to international transparency and cooperation. We have long maintained that we are not a tax haven and it is good to see this now endorsed by Mr Cameron," said Gorst.

Cameron's statement follows a move earlier this month by the French government to step up its fight against tax evasion by placing Jersey, the British Virgin Islands and Bermuda on an official blacklist of uncooperative tax havens.

In June, Guernsey, Jersey and the Isle of Man, along with Bermuda, the Cayman Islands, the British Virgin Islands, Gibraltar, Anguilla, Montserrat, the Turks and Caicos Islands, all agreed to sign up to the Multilateral Convention on Mutual Assistance in Tax Matters - an initiative led by the Organisation for Economic Cooperation and Development (OECD).

While many regard these islands and outposts as tax havens, this is a label they have always strongly disputed.

In other news, Guernsey Financial Services Commission announced the net asset value of total funds under management and administration decreased over the quarter ended 30 June 2013 by £10.5 billion ($16.6 billion) to £286 billion. For the year since 30 June 2012, total net asset values increased by £15.2 billion (5.6 per cent).