Jersey 'better regulated' than UK - report

Jersey’s compliance with international financial regulation and supervision rules has pushed it ahead of the UK, according to an International Monetary Fund (IMF) report.

The Financial System Stability Assessment Update (FSSA) report places Jersey in the top division of international finance centres, with the state meeting 44 of its 49 recommendations compared to the UK's 36.

It also acknowledges Jersey's laws have been amended to enhance compliance with international standards and confirms the jurisdiction's banking system is resilient to a range of shocks.

Furthermore, the report says Jersey Financial Services Commission (JFSC) conducts its functions in "a transparent and accountable manner," with "robust" anti-money laundering rules.

The report also found Jersey is one of seven jurisdictions complying with 15 of 16 Financial Action Taskforce ‘key' recommendations. It is the only jurisdiction assessed as ‘compliant' with 44 of the general FATF recommendations, closely followed by Singapore and the USA, with 43 each.

"Those ill-informed critics of Jersey's finance industry should be willing to recognise that the standard of Jersey's financial services regulations and supervisory capabilities are either ahead of, or on a par with, the regulatory positions of both EU Member States and G20 countries," says Geoff Cook, chief executive of Jersey Finance.

"Criticisms of Jersey for failings in this regard hold no weight whatsoever."