Jersey Must Wait Until March For IMF Report
The full results of September's IMF assessment of Jersey's regulatory regime
are unlikely to be made available until March 2003, according to a report from
the Jersey Evening Post. However, the newspaper revealed that director-general of the Jersey Financial
Services Commission, Richard Pratt expects their report to be 'reasonably positive'. Speaking at a JFSC seminar held earlier this month, Mr Pratt reportedly told
delegates that: 'I do not know what they are going to say, but I would expect
them to be reasonably positive and to find us in line with the standards in
most respects.' However, he stressed that there are likely to be some areas in which the International
Monetary Fund team will recommend improvements, citing greater accountability
and transparency to the Finance and Economics Committee, the allocation of more
resources for compliance visiting teams, and the monitoring of bureaux de change
as likely recommendations. According to the JEP, a further review of the jurisdiction's anti-money laundering
regime is due to take place next month. A comprehensive report describing the regulatory regime
in most key offshore jurisdictions, with an emphasis on the survival of banking
secrecy, is available in the Tax News Reports Shop at http://www.tax-news.com/reportshop
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