Jersey Praised For Co-operation In Money Laundering And Corruption Cases

by Robert Lee, Tax-News.com, London

23 January 2009

Jersey’s regulatory environment took the limelight at a recent worldwide gathering of lawmakers in Kuwait where Ed Shorrock of BakerPlatt Group, a guest speaker, addressed its attendees on the subject of Jersey’s successful efforts at tackling money laundering and corruption.

Speaking at the third conference of the Global Organisation of Parliamentarians Against Corruption (GOPAC), Ed Shorrock, Director of Forensic and Regulatory Services at BakerPlatt Group outlined Jersey’s successes in assisting governments from around the world in recovering stolen assets. He said:

“Jersey has over the past few years made tremendous efforts to put in place a comprehensive legislative and regulatory framework which is designed not only to detect money laundering but, equally as importantly, forestall it, including specific measures designed to address Politically Exposed Persons. Not only have these initiatives been backed with legislation but there has also been a political drive and determination to ensure that the legislation is policed and enforced.”

He cited Jersey’s role in recovering the proceeds of General Abacha’s ‘systematic looting of his country’s coffers’ and also its willingness to prosecute those who facilitated these crimes. He added:

“As offshore centres have increasingly come under the spotlight from foreign governments, enforcement agencies and supranational bodies, there is no doubt that Jersey is playing at the top end of the offshore spectrum in the fight against money laundering and international co-operation efforts to recover stolen assets. Those centres that have failed to act positively are likely to be increasingly marginalised and targeted by the larger countries who may perceive them to be the weakest link in the chain, not only in terms of dealing with the proceeds of corruption, but also in fiscal transparency, international regulatory standards and legislative sophistication.”

Speaking about some of the common difficulties encountered in rendering assistance to victim countries, Mr. Shorrock highlighted the key need for a political will in the victim country to pursue the perpetrators of corruption and those who assist in facilitating the laundering of the proceeds.

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