Jersey Gets Good Publicity - For A Change

by Jason Gorringe, Tax-News.com, London

14 October 2002

Jersey's finance sector was greatly encouraged by picture painted of the Island in the Financial Times' annual survey, according to a Jersey Evening Post report.

Released last Wednesday, the FT survey, authored by Kevin Brown, observed that: 'Jersey's economy has blossomed as financial services have taken off, and it remains a peaceful and largely crime-free environment.'

Mr Brown went on to suggest that Jersey 'has changed greatly in the last couple of decades, and local political leaders have had to work hard to ease tensions between the Island and the British, European Union and OECD,' and concluded that: 'Further change appears inevitable'.

The FT report examines the tax and other changes already faced by the Island's corporate and individual population, details the steps taken by the States authorities to tighten the jurisdiction's already stringent anti-money laundering laws in the wake of the FATF initiative and the September 11 terrorist attacks, and points to the challenges posed by proposed future tax changes.

Given that a great deal of the coverage received by Jersey in the international media is somewhat demagogic, however, the FT's survey must have come as a pleasant surprise to those working within the finance sector, such as Jersey Finance chief executive, Phil Austin.

''It's fair, positive and balanced,' Mr Austin told the Jersey Evening Post last week, explaining that apart from a couple of minor factual errors, the report provides a topical and accurate picture of all aspects of Jersey life.

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