Jersey praised by IMF for financial compliance

A new report from the International Monetary Fund (IMF) has commended Jersey for its compliance with financial regulations.

The IMF’s study, which is sure to be welcomed by those using offshore banking in the Channel Island, states that supervision of the financial sector in Jersey is of a ’high standard’.

In addition, the island was found to satisfy 44 of the IMF’s 49 recommendations to clamp down on money laundering and financial crime, while the UK currently complies with just 36.

Jersey also meets all of the Basel Committee’s Core Principles for Effective Banking Supervision, placing it in the ’top division’ for international finance centres.

Commenting on the report, chief executive of Jersey Finance Geoff Cook told the Guardian: ’The IMF has given Jersey’s finance industry a ringing endorsement for the quality of its regulation and legislation, the transparency of its regulatory processes and the robustness and resilience of its banking system.’

Jersey offers a number of location and timezone benefits to investors and those with offshore private banking needs, as the island is in close proximity to Europe’s other financial centres but independent from the European Union.
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