Attitudes Towards Jersey Have Changed Says FSC Chairman

by Amanda Banks, Tax-News.com, London

04 July 2003

At a recent seminar organised by the Jersey Financial Services Commission, chairman Colin Powell pointed to the changing attitudes towards the jurisdiction in the eyes of the world as a result of recent regulatory changes.

Mr Powell told the delegates: "I can confirm that a change in attitude has taken place. Some are not as convinced as others as to our place, but we are now in the broad church of international finance centres. We are listened to much more by the G7 countries than in the past."

The commission chairman cited recent negotiations with the FATF (Financial Action Task Force) as a major factor in Jersey's increasing reputation as a well regulated financial centre. Powell also claimed that the Jersey delegation played a significant part in the survival of the trust industry in the face of much opposition in recent years. "But because we were at the table and listened to, we advanced a contrary view," said Powell. "The wording in respect of trusts is very different now from what we could have expected two years ago."

"Some would argue that the commission has achieved too much," added Mr Powell, "but the benefits in response to what we have done are substantial in keeping us off the black lists. We have in large measure put the regulatory laws in place, but we can't say that we are free of international standard setting," noted the chairman.

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