Jersey Considers Shifting Back Office Facilities To DIFC

by Lorys Charalambous, Tax-News.com, Cyprus

04 November 2002

A delegation of top-level government officials from Jersey has raised the possibility of transferring some of the Island's back office facilities to the Dubai International Financial Centre (DIFC), according to a Gulf News Online report published on Friday.

Following a seven day visit designed to strengthen the - already strong- ties between the two jurisdictions, Jersey's Finance Minister, Senator Frank Walker explained that:

'Jersey is a tiny place measuring 45 square kilometres and space is really a constraint. On the other hand, DIFC has enough land and space at its disposal and hence I believe some of the back office functions can be shifted from Jersey to DIFC, provided the DIFC management is keen about the same.'

Senator Walker added that Dubai has the advantage of being able to launch the DIFC with a clean slate, and will be able to draw on the experiences of other financial centres throughout the world as it formulates its legal and regulatory framework.

Accompanying the Jersey Finance Minister on his visit to the UAE were Senator Pierre Horsfall, effectively Jersey's First Minister, finance industry officials including Richard Pratt, Director General of the Jersey Financial Services Commission, and representatives from Jersey Finance, a joint venture company set up by the Government and the finance industry to represent and promote the Island's financial sector.

Recommended