The full text of the two-volume report, released on Tuesday, which contains detailed recommendations to strengthen existing legislation, commended the Island’s financial regulation and supervision and anti-money laundering defences and concluded that Jersey ‘demonstrates a high level of competence’ with the Financial Action Task Force (FATF) recommendations.
peaking on behalf of the industry, the chief executive of Jersey Finance Ltd, Phil Austin, said: ‘The IMF report is an extremely positive endorsement of Jersey’s regulatory environment which can only serve to enhance the reputation of the Island’s finance industry.
The IMF assessment has been an extremely thorough and detailed review of the regulatory processes that are in place, both to protect the interests of the client and to assist with the international fight against financial crime.
The industry has been pleased to cooperate throughout and we welcome the outcome of the process.
Provided any recommendations add value and are proportionate to what they seek to achieve, our industry is always happy to support further enhancements,’ he added.
ary Drinkwater, the president of the Jersey Bankers Association, said the banking sector would respond as and when the recommendations filtered down from the regulator, the Jersey Financial Services Commission (JFSC).
ichard Boléat, the chairman of the Jersey Association of Trust Companies, said the report contained no surprises.
‘It is pretty much as expected – we have worked hard and invested vast amounts of time and effort in our regulation.
But it’s a good opportunity to fly the flag for Jersey and say, hey guys, we are as good as anyone can be.
Mr Boléat said that the revised FATF recommendations, published recently, would be likely to have a greater impact than the measures proposed by the IMF.
The JFSC is currently revising the guidance notes for trust company business and is also planning to review the 1984 Trusts (Jersey) Law.