Guernsey Anticipates Publication Of IMF Report

by Amanda Banks, Tax-News.com, London

16 July 2003

Nine months have passed since the IMF visited Guernsey to asses the jurisdiction's financial regulatory environment and the eagerly anticipated report is thought likely to be published in the next two months.

Whilst on the island, the IMF's team leader, Barry Johnston revealed to the Guernsey Press and Star that he was broadly satisfied with what he found in terms of compliance standards, a sentiment echoed by Financial Services Commission director general Peter Neville.

"I am confident that the final report will confirm formally what has been said informally, that Guernsey is a well regulated jurisdiction which co-operates effectively with other jurisdictions in order to maintain standards within financial services businesses and to prevent abuse of the international financial system," Neville told the Press and Star.

Meanwhile, the IMF has already submitted its report to the Jersey authorities, and it is currently being scrutinised by the jurisdiction's lawmakers before being made public. It is thought that Jersey, Guernsey and the Isle of Man will publish their respective reports simultaneously, though this has yet to be confirmed.

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