A special report in the Economist magazine examining the world’s top offshore finance centres singles out Jersey as one of the best such centres in the world today.
The 16 page report examines the development of offshore finance centres, their role today and their future in an increasingly globalised marketplace.
The Economist says: "the best of (offshore finance centres) – for example Jersey and Bermuda – have become sophisticated well-run financial centres in their own right, with expertise in certain niches…"
Economic Development Minister Senator Philip Ozouf said he felt very satisfied that the report acknowledged Jersey’s pre-eminent position in the industry.
"The Economist is read and respected by leading businessmen in all parts of the world. To have this independent verification of Jersey’s reputation and position is great news for our industry. The report acknowledges that, to establish such a reputation, jurisdictions have to be prepared to invest substantially in regulation and in a sound legal framework. It also acknowledges that to compete internationally, jurisdictions have to be nimble and forward-looking. Jersey does all these things well, which is why we are successful. The people of Jersey should feel proud that they have built up this success story and that it allows the funding of first-rate government services which benefit everyone in the Island."
Senator Ozouf added that it was particularly reassuring that the Economist believes that well run, nimble, offshore finance centres such as Jersey will continue to thrive, because they have an important role to play in a globalised world and are good for the international financial system.
This was good news for the future well being of the Island and its residents and confirms the soundness of Jersey's economic growth and fiscal strategies, Ozouf concluded.
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