Jersey Finance: More funding? » Business » This Is Jersey.
JERSEY’S finance industry needs more money to defend its position as a well-regulated offshore jurisdiction, according to the Treasury Minister.
Senator Philip Ozouf says that maintaining Jersey’s clean international image is an ongoing and costly job [and]has warned that the Island should not ‘let its guard down’ following recent IMF and OECD approval.
This is because the ‘microscope on offshore finance centres is not going to end,’ he said. And he has signalled that he might give promotional body Jersey Finance Ltd some of the Island’s fiscal stimulus funding in order to market Jersey internationally.
You're right on this one Philip. But unless you've discovered something King Canute did not you'll be throwing good money after bad as the tide is going to overwhelm you whatever you do.
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I think you are wrong but tell me – why do you think so ? The Crown dependencies – CI and the Isle of Man are now arguably the best (ie most strictly) regulated financial centres on the planet. The recent IMF and OECD conclusions bear this out. Why do you assume its a foregone conclusion that any attempt to promote this status – is doomed to failure ? Certainly, the results thus far have been impressive and self evident – like it or not these jurisdictions have been given a very public seal of approval by those organisations.
Martin
Your comment is crass. The rules were established by 2003 and reflected the prevailing thinking of the time – thinking that allowed the current financial crisis to develop
Compliance with those standards only proves that there is a disaster waiting to happen
Richard
Richard
“Compliance with those standards only proves that there is a disaster waiting to happen” – how so ? – please elaborate.
Martin
Le me take a simple example: the IMF etc look for the existence of rules, not their use
So you have the rules, but as the recent Panorama showed, they are systematically abused (that filming was no fluke – and Le Sueur knows it)
In other words – the abuse is going on, the risk remains and the action to close it down will continue – isolating Jersey until it either really complies and becomes transparent or succumbs to what will, in the end, amount to sanctions
The choice is yours
but who is the authority, which will finally ask Jersey to comply?