Jersey To Woo Middle Eastern Clients

by Carla Johnson, Investors Offshore.com

18 March 2002

According to the Chief Executive of Jersey Finance, Phil Austin, the Channel Island jurisdiction is likely to see a leap in popularity with Middle Eastern clients in the wake of the September 11 attacks.

'Post-September 11 it's cool to be well regulated,' he told Gulf News last week. 'Before that it was a bit of a bind.'

Mr Austin told the newspaper that he is helping to organise a high level delegation of Jersey politicians to the Gulf in the autumn 'to raise our profile'. He also revealed that the October visit is likely to take in the UAE, amongst other regions.

Speaking on the subject of the recent commitment made by Jersey and Guernsey to the OECD, Mr Austin expressed the jurisdictions' broad support for the multilateral organisation's aims, but questioned the fact that OECD members such as Switzerland and Luxembourg are not subject to the same terms as blacklisted and formerly blacklisted countries. He warned that the Channel Islands will not act unless there is a 'level playing field' for all countries on the issue.

'We're not even in the club and are being asked to play by club rules,' he noted. 'They're in the club and not being asked to play by the rules. We're not stupid enough to make ourselves uncompetitive.'

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