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FINANCE INDUSTRY |
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Think of an international
bank and it is probably represented here in Jersey - a reflection of the high
status the island holds internationally as a centre for offshore banking. With our history of
political stability and low taxation, together with a well-regulated finance
industry, bank deposits continue to rise and recent figures show an increase
of one billion Pounds, and a 50% increase in company incorporations. In fact,
finance has become such an important source of income that it now provides
over 55% of Jersey's GDP and as an industry employs over 9,000 staff. It is the continuing aim
of the island authorities to maintain a 'squeaky-clean' image as far as money
laundering is concerned. As a reflection of this, the United States
government recently gave the island $1 million seized from illicit drugs
trade as a reward for co-operation with their investigations. New anti drug
trafficking and prevention of terrorism legislation has enhanced our status
still further and clearly demonstrates our commitment to join the
international movement in combating money laundering. In 1998 the findings of a
review of the islands regulations were published (the review being carried
out by Andrew Edwards on behalf of the United Kingdom government). The
conclusions of the report yet again strengthened our position as a finance
centre of international standing. To quote from the Edwards Report: The Island
authorities all have a clear objective that their finance centres should be
the best of offshore centres, not only in terms of quantity and quality of
business but also in terms of international standards of regulation, policing
and co-operation. The Island
authorities have been concerned at the same time:
I found
widespread agreement that the Islands are in the top division of offshore
finance centres. The island's Trust
industry is well regarded internationally. The Financial Services Extension
(Jersey) Law 2000 regulates both how a trust is run and who may provide
fiduciary services. Reasons for establishing a trust vary and extend well
beyond traditional legitimate tax avoidance. |
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