From Cayman to Jersey – but the questions remain the same

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Having just had an article in the Cayman Financial Review I now find myself in an article in Business Life – a Jersey magazine. Page 8 onwards, here.

Curiously the question remains the same – what is financial transparency? In the latest article, in response to my comments on this the following is written:

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The Kirkby in question is Robert Kirkby, Technical Director of Jersey Finance. It is good, of course, to see him confirm what we've been saying for a while - that Jersey is a secrecy jurisdiction.

He is though quite straightforwardly wrong: no one has to have a company or trust. there is no abuse of privacy if those who avail themselves of privileges granted by society are asked to reveal that they are doing so. Anyone can trade in or hold assets in their own name and have privacy, that option is always available.

This is not a breach of human rights.

And when the ‚Äòlegitimate’ desire to protect wealth involves hiding behind a veil of secrecy in a secrecy jurisdiction such as Jersey then it becomes illegitimate.

That’s why life for Jersey is going to get harder. The days of playing that game are numbered.