Jersey FSC Raised £11 Million In 2002

by Jason Gorringe, Tax-News.com, London

18 June 2003

The Jersey Financial Services Commission received income of nearly £11 million in regulatory fees last year and in turn contributed £3.7 million to the government's accounts, according to the organisation's annual report.

The report shows that the commission's operating expenses totalled £6 million in 2002, £4 million of which was made up of staff pay, pension and other contributions. This figure represents a £603,000 increase on the previous year, a fact that has been attributed to the necessary expansion of the compliance and enforcement divisions.

The FSC licensed 98 trust companies in 2002 whilst 113 investigations were undertaken. Total legal expenses amounted to £368,000 last year, compared to £52,000 in the previous year.

In the pipeline for the coming year is the response to the IMF report which has yet to be opened to public scrutiny, but which is expected to recommend that the FSC expand its 80 strong staff. In addition, the commission will be re-drafting anti money laundering guidance to satisfy new FATF (Financial Action Task Force) rules. According to the FSC chairman, Colin Powell, the FATF's recommendations will have a "significant influence" on the island's money laundering policies, the Jersey Evening Post reported this week.

Powell has also expressed the need for a Guernsey style independent tribunal to hear appeals against the Commission's decisions.

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