Jersey Doing Well, But Needs To 'Raise Its Game', Says Horsfall

by Jason Gorringe, Tax-News.com, London

18 July 2002

A new review of the offshore industry in Jersey has revealed that the jurisdiction's finance centre is thriving, but suggested that Jersey needs to 'raise its game' in order to continue to compete on an international level.

In a special 'Finance in Jersey' supplement in the Jersey Evening Post, Finance Committee President, Senator Frank Walker stated that:

'We have a successful and growing industry and a growing reputation internationally as a responsible jurisdiction which is at the same time a good neighbour but which will not be pushed around.'

Speaking with regard to the fact that deposits and assets under management have grown despite the difficult economic circumstances on a global level, and the jurisdiction's recent set-to with the European Union, he observed that:

'The figures and related positive developments have been achieved in sharp falls in equity markets over the past two years and a general world economic slowdown. To describe them as defying gravity might be a step too far but these figures certainly are impressive.'

However, Policy and Resources Committee chief, Senator Pierre Horsfall told the newspaper that despite all this, Jersey's finance sector should not rest on its laurels, and must be open to change and compromise with international bodies such as the OECD and the European Union:

'Jersey is a global player in the financial services market and has no choice but to listen very carefully to such signals,' he explained, continuing: 'Subject to always protecting our best interests, we must be ready to adapt our laws and practices to meet new international standards and norms if Jersey is to remain a global player with our reputation as a well-regulated, high quality centre intact and enhanced.'

Senator Horsfall also predicted that in the future, competition between the world's leading finance centres will be based less on the level of tax and information exchange, and more on the regulatory standards and skills provided by jurisdictions.

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