Jersey Showcases Finance Industry In New York

by Amanda Banks, Tax-News.com, London

29 June 2004

In its first formal visit to New York, Jersey is currently showcasing its financial industry to North American finance and legal professionals at a week-long promotional event being held between June 20 and July 1.

As one of the longest established offshore jurisdictions in the European region, and having obtained independent endorsement for its regulatory stance from organisations such as the Financial Action Task Force, the OECD and the IMF the Jersey delegation are keen to get the message across to the United States that the island should no longer be regarded as a ‘tax haven’, as it is often classified.

“Jersey is a sophisticated international finance centre of 40 years’ standing with an armoury of independently endorsed regulation, a mature and robust legal system and a 12,000 strong workforce dedicated to delivering high quality financial services,” stated Phil Austin Chief Executive of Jersey Finance Limited, the body that represents the Island’s Finance Industry. He continued:

“Jersey is perhaps best described as the offshore arm of the City of London and we provide a host of sophisticated services for the major financial institutions, law and accountancy firms based in London and in the other major world centres including New York. The Island’s experienced practitioners operate in a favourable EU time zone, a further advantage which is attractive to many North American legal and investment professionals, particularly those with clients living in Europe and the Far East.

“This is our first official visit to New York. We are here to explain what Jersey’s Finance Industry is all about and to update the finance and legal professionals we meet about exciting developments that we believe make our jurisdiction even more attractive in the fields of private client and wealth management, fund and corporate business,” Mr Austin explained.

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