CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Positive Guernsey Progress Report on Edwards Review

Positive Guernsey Progress Report on Edwards Review

Tax-news.com

12 December 1999


Guernsey has released a report on its progress in relation to the recommendations of the Edwards review into financial regulation of UK offshore jurisdictions.

Although Guernsey has not accepted all of the recommendations of the Edwards review, it has made significant progress in implementing enhancements to the way in which the Guernsey financial sector is managed.

The most prominent of the Edwards review recommendations that have been rejected by Guernsey are the introduction of a Financial Crimes Unit and the proposal that limited companies should file audited accounts (contrary to common practice in the EU and US, at least for larger companies).

Among the recommendations that Guernsey has accepted are greater protection for depositors, the introduction of an ombudsman and the separation of the supervisory and promotional activities of the Guernsey Financial Services Commission.

The progress report states that a number of initiatives are already in progress, including reviews of insolvency and bankruptcy practices and insurance legislation, and draft legislation will be put before the Guernsey States next year. It also stresses that some of these initiatives, such as anti-money laundering legislation, were already under way prior to the Edwards review.

Following the release of the progress report, Advisory and Finance Committee Conseiller Morgan said: 'Guernsey already has an excellent reputation for its high standard of regulation but we continue to investigate ways of further enhancing the island's position as a reputable, co-operative international finance centre.'

.

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »