Jersey Finance update
Dara Lutes, Jersey Finance talks to Citywealth,
“It’s been a good year for Jersey. We are on the IMF (International Monetary Fund) ‘White List’ and are continuing to sign treaties with other jurisdictions. At the time of the G20 it was vital to be on the ‘White List’ to prevent negative treatment. Regulation became very serious and focused. We did it to demonstrate stability.”
The hot topic for Jersey is the Alternative Investment Fund Manager Directive which plans to change the way funds are sold and in what jurisdictions they can be sold to contain risk. “We’ve joined up with Guernsey on this topic because it looks protectionist with some countries joining the campaign and others moving against it.”
Reputation has become very important to the financial world now. KYC (Know Your Customer banking regulation) was seen as anti competitive but the caution it brought in is now paying off. It was onerous but it’s become necessary now we have to be whiter than white in the current climate.
One of the questions we do examine is “is money moving here or leaving?”. We’ve seen no monies coming here from Switzerland as some suggest. Jersey is focusing on diversification but London and the UK still seen as the most important markets. We are developing markets in China, India, Russia and Kazakhstan. We have rep’ offices in India and the Middle East and in Mauritius we have a double taxation agreement and are looking at a DTA with India. We’ve developed a relationship with the Russian Ambassador in London; have a Hong Kong rep’ Zhaonon Lee and Clive Boothman is our rep’ in London. We are also working on reputational defence in the light of various campaigns against offshore centres.
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