A seminar organised by the Jersey Financial Services Commission earlier this month saw calls by the jurisdiction's finance sector leaders for a more robust stance in advancing Jersey's cause in international organisations such as the FATF (Financial Action Task Force).
According to the Jersey Evening Post, Clive Jones, acting chairman of the Jersey Finance Industry Association, remarked that the island has not received the recognition that it deserves considering the efforts made by the industry to ensure it was 100% compliant with the new culture of regulation imposed by the likes of the FATF.
Mr Jones pointed to the examples of South Africa and Russia, which have had particularly bad records on financial crime and money laundering in recent years, and who have recently been accepted as full members of the FATF. "I would ask the commission to take a more aggressive stance," the acting JFIA head commented. Sometimes Jersey does deserve greater political credit overseas." He added.
A comprehensive report on the OECD, FATF and other 'offshore' initiatives, including the EU's Savings Tax Directive, is available in the Tax News Reports Shop at http://www.tax-news.com/reportshop
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