Power block trend ‘could affect UK more than us’

Power block trend ‘could affect UK more than us’

With the Island’s reputation critical for its financial services sector, Lord Eatwell told the audience at the JFSC’s annual review that their priority this year would be focusing on ensuring that Jersey’s standards of anti-money-laundering and combating the financing of terrorism were top rate ahead of the European National Risk Assessment and ultimately the upcoming MONEYVAL review.

‘We are determined that we come out of that assessment with absolutely gold-star ratings, because that’s crucially important for the reputation of Jersey and consequently, for the amount of business that Jersey gets,’ he said.

‘And we are now the best in class with respect to beneficial-ownership registers. And we are determined to stay best in class, because that is the answer to people who are detractors of Jersey and just see Jersey as a “tax haven”, because when we ask, ‘‘OK, what does that mean?’’ and they answer, “Oh, you just hide information”, really?

‘Look at the information we provide more than anybody else does, and more accurate than anybody else’s.’

Lord Eatwell did warn that the UK’s departure from the European Union made it likely that securing equivalence with EU directives would be more difficult than in the past and would, at very least, face significant delays.

He said Jersey’s relationship with the EU would inevitably be more of a challenge without the UK at the table.

lInterview with Lord Eatwell: Page 35.

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