IMF Assessment Team Leaves Jersey

by Robert Lee, Tax-News.com, London

30 September 2002

An IMF assessment team concluded its two week visit to Jersey late last week, and is expected to release a report on its findings in around six months, according to a report in the Jersey Evening Post.

The local newspaper revealed that during the visit - part of a wider IMF initiative to assess anti-money laundering procedures and adherence to international standards in the world's financial centres - the team spent a great deal of time with the Jersey Financial Services Commission, but found time to meet with representatives from the finance industry, Attorney-General William Bailhache, and Detective Inspector David Minty, the head of the Joint Financial Crimes Unit.

Director-general of the JFSC, Richard Pratt told the JEP last week that he expected that the IMF would make some recommendations, but would give a positive overall picture of the Island, while director of policy and legal matters at the Commission, Andrew Le Brun explained that: 'The team indicated their preliminary findings to us before they left but it is too early to reach any conclusions.'

He continued: 'The report will now go to the IMF's headquarters in Washington for their views, and we too will have an opportunity to comment. We expect to see the final report in about six months time.'

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