Jersey tops IMF league » News » This Is Jersey.
Much amusement and bemusement about this here today at the World Bank.
The univesal opinion from IMF people - this stuff is history. The IMF looks at whether the right pieces of paper in place, not are they used.
Jersey is great at constructive non-compliance - making it look like they comply whilst allowing the corruption to continue. Half of all accounts subject to the European Union Savings Tax Directive in the place for example opt for witholding - 99% certain in that case to be tax evading in other words.
That's not compliance.
And as the conference I'm at is agreeing - this is not the future of regulation. This is from another era.
So smile while you can Terry. One, because you're going bust (I notice £21.7 billion has left the island) and two because new regualtion will hit you very, very hard.
Thanks for reading this post.
You can share this post on social media of your choice by clicking these icons:
You can subscribe to this blog's daily email here.
And if you would like to support this blog you can, here:
Richard
How can you say Jersey is going bust when it has not exhausted tax-raising opportunities ? Everybody knows that a rise in GST rates are inevitable and always have been. Its dead easy to balance the books.
Also you say that £21.7b has left the island. Has it ? Have you taken currency exchange movements into account, bearing in mind that Jerseys deposits are measured and reported in Sterling ? Have you also considered that many investors who were in cash earlier this year have ploughed into equities when the stockmarkets have risen sharply and also into corporate bonds ? Equity and bond holdings by individuals and by fiduciary structures are excluded from the reported figures and always have been.
I am not saying that you are definitely wrong, but I am saying that your statement may well be totally inaccurate. The difference of course is that your statement infers a loss of confidence in Jersey whereas the latter would completely contradict that assertion.
Richard, get this chip off your shoulder as quickly as possible. The report is there in black and white, you are wrong….. again..and I doubt anybody working in Jersey will give any further thought to either John Christensen or your views about the Island anymore now. It is over for your crusade, the battle is lost for you both, now do something else!
Matt
The fantasy is all yours
The reality is:
a) Jersey is abusing
b) Jersey cannot meet its budget deficits
c) The evidence of abuse continues to grow
d) The demand for change is growing
e) An IMF report won’t defend you
g) Not even the IMF think that
But if it makes you feel good for a day or two – enjoy!
Richard
Well done Jersey!
You will find many countries that can’t get their AML together will start trying to rubbish the list and the testing if it doesn’t agree to their agenda.
I say stop the petty rhetoric and start performing proper AML and due dilligence and one day your controls may be as good as Jerseys.
I everyone was up to Jerseys standards then drug runners and criminals would have a lot harder time cleaning their money.