All is well in Jersey – or so they say

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Of course all regulatory systems work in Jersey. As the Jersey Evening Post noted last week:

AN Iranian bank with links to terrorist organisations has been funnelling funds through a Jersey company, in violation of international sanctions, according to allegations made by the US Department of the Treasury.

Assa Ltd, which is registered at 6 Britannia Place, was named in a US Treasury press statement issued this week. The statement says that the Jersey company is the parent organisation of Assa Corp, a shell company created and controlled by Iranian government-owned Bank Melli.

Assa Ltd, which was set up in Jersey in 1989, is registered at the offices of St George Financial Services, a trust company acquired by Gibraltar-based STM Group earlier this year. The New York entity, Assa Corp, is co-owner of a 36-storey skyscraper in Fifth Avenue. The US Treasury says that the rental income from the office building has been 'repeatedly transferred' to Bank Melli through Assa in Jersey.

No problem with compliance there then.

But you can be sure no local Jersey law was broken: they no doubt just let 'my eyes glaze over' when it came to the regulatory abuse of another state, as is usual.