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Jersey Must Wait Until March For IMF Report

by Jason Gorringe, Tax-News.com, London

23 December 2002


The full results of September's IMF assessment of Jersey's regulatory regime are unlikely to be made available until March 2003, according to a report from the Jersey Evening Post.

However, the newspaper revealed that director-general of the Jersey Financial Services Commission, Richard Pratt expects their report to be 'reasonably positive'.

Speaking at a JFSC seminar held earlier this month, Mr Pratt reportedly told delegates that: 'I do not know what they are going to say, but I would expect them to be reasonably positive and to find us in line with the standards in most respects.'

However, he stressed that there are likely to be some areas in which the International Monetary Fund team will recommend improvements, citing greater accountability and transparency to the Finance and Economics Committee, the allocation of more resources for compliance visiting teams, and the monitoring of bureaux de change as likely recommendations.

According to the JEP, a further review of the jurisdiction's anti-money laundering regime is due to take place next month.

A comprehensive report describing the regulatory regime in most key offshore jurisdictions, with an emphasis on the survival of banking secrecy, is available in the Tax News Reports Shop at http://www.tax-news.com/reportshop


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