A Jersey-based financial fraud expert has warned the jurisdiction's finacial sector against trying to attract Middle Eastern money, controversially suggesting that there are greater problems with transparency in this region.
According to a report in the Jersey Evening Post last week, Robert Blunden, who spoke at a recent finance seminar on money laundering issues, believes that the Channel Island jurisdiction should avoid, as much as possible, dealing with Middle Eastern organisations and clients.
'There are a lot of complications when banking with the Middle East as there is little in place to force their banking to become transparent,' he told delegates. 'Also, it would be very difficult to 'know your client' in the Middle East for all sorts of reasons. The main one is probably because they have about three or four spellings for their names, which makes things extremely complicated when trying to trace funds.'
These remarks are likely to anger finance centres such as Dubai, and indeed the vast majority of Middle Eastern territories, which have cooperated in international initiatives, and made a concerted effort to improve fiscal transparency in the wake of the September 11 attacks.
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