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Jersey Taskforce To Tackle Illicit Funds

by Amanda Banks, Tax-News.com, London

13 May 2013


Jersey has established an asset recovery task force to coordinate the island's efforts to identify and recover illicitly obtained assets linked to Arab spring jurisdictions.

The task force comprises members of the Law Officers Department, the Jersey Financial Services Commission and the Joint Financial Crimes Unit. It has been established following a forum jointly organized by the State of Qatar and the United States presidency of the G8, with support from the World Bank UNODC Stolen Asset Recovery Initiative, to coordinate international efforts and raise awareness of effective measures for asset recovery, to provide a focus for regional training and discussion, and identify country-specific needs. Representatives from Jersey's Law Officers Department and Joint Financial Crimes Unit attended the forum, held in Qatar between September 1-13, 2013.

Chief Minister, Ian Gorst commented: "The States of Jersey recognizes the importance of asset recovery in supporting democratic transition and economic development. We have a proven track record in maintaining high standards of transparency, regulation and cooperation in financial services, including Anti Money Laundering regulations. We will continue to offer our full cooperation to the international effort to all work resulting from the Arab Forum on Asset Recovery."

"The establishment of our own task force shows how serious we are about assisting other governments with asset recovery. A particularly high-profile example of this was the Abacha case in 2003 when Jersey worked with the Nigerian Government, the US authorities and countries across Europe to repatriate USD160m of Jersey-held assets to the Nigerian authorities."

"The job of the task force is an intricate and painstaking one, and it may well take time to achieve results. But there is no doubt in my mind that this is valuable and important work."

TAGS: money-laundering | tax | business | training | law | banking | financial services | international financial centres (IFC) | Jersey | enforcement | offshore | offshore banking | asset protection | banking secrecy | standards | regulation | penalties | services

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