IMF report 'will boost Jersey's profile for offshore banking'

A glowing assessment from the International Monetary Fund (IMF) should help Jersey’s financial sector to attract more business, it has been claimed.

The Channel Island’s reputation as a centre for private offshore banking received a boost when a report from the IMF found that it complied with 44 of its 49 global recommendations to combat money laundering and financial crime.

Martin Spurling, chief executive officer of Offshore Islands for HSBC and a non-executive director of Jersey Finance, told the Investment International website that the verdict will improve Jersey’s status in the private banking and wealth management spheres.

’Our customers are internationally mobile expatriates who want reassurance that their money is safe while they live and work across the globe,’ Mr Spurling explained.

’This report reinforces the island’s already enviable credentials and shows Jersey to be more than able to compete at the top level for international banking business.’

According to the IMF’s assessment, Jersey is currently ahead of the UK in terms of compliance with its international regulations.
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