The Senate report contained claims that HSBC Middle East, which is registered in Jersey and has its offices on the Esplanade, carried out thousands of transactions with Iran. However, a statement from Chief Minister Ian Gorst said that the Island’s financial regulator had ‘advised’ that at present it was ‘not anticipated’ that the US Senate review would call for action against any Jersey-registered entity.
The Chief Minister has spoken out in response to questions raised by Deputy Geoff Southern about regulation of the bank in the Island. Senator Gorst said that no jurisdiction in the world could say that its financial system was without risk of being abused by perpetrators of financial crime, no matter how good its regulation.
Full story in Wednesday’s JEP
