Senator Frank Walker Speaks At Jersey Finance Conference

by Jason Gorringe, Tax-News.com, London

04 May 2004

Speaking at the Jersey Finance hosted conference which was held in London last Wednesday, Policy & Resources Committee President, Senator Frank Walker outlined a number of strategic priorities designed to support the Island's strategy for growth.

Stressing that Jersey is "open for business", Senator Walker revealed that changes to the Island's immigration laws and the introduction of a one-stop-shop to facilitate inward investment are set to take place in the near future.

Alongside this, he explained, the Government plans to invest further in educational facilities for its Finance Industry workforce and to market the jurisdiction much more widely.

It will also seek to introduce new laws in support of product innovation, the P&R chief announced, going on to explain that among the developments currently on track is the reform of the Security Interests framework to encourage further capital markets business, developments to its trust law including the possibility of adding Foundations to the Island's trust capabilities, and the introduction of Protected Cell legislation.

Senator Walker also observed that the Island had made some important strategic decisions, arguing that Jersey had chosen to reform its tax structures to ensure it remained internationally competitive whilst being EU compliant, and that it had chosen to be well regulated and to work with other jurisdictions to meet the highest international standards.

"The strategic exercises that are underway are geared towards encouraging more business and stimulating greater economic growth, and are further evidence of our determination to consolidate our position at the forefront of international finance. We are winning more business, we are investing for the long term and we have a clear vision of where we want to go," he concluded.

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