JERSEY’S financial regulation is likely to be given a full reassessment by the International Monetary Fund in 2008.
Barry Johnston, assistant director of the IMF’s monetary and financial systems department and chief of the financial market integrity division, said the Island was considered to be one of the more important of the offshore centres, in terms of the size of its financial activity.
Mr Johnston, who was in the Island earlier this week to address the international seminar organised by the Jersey Financial Services Commission, said that although the Island was ‘enthusiastic in its regulatory regime’ the IMF recommended that all sectors should be re-examined.
He explained that the programme had been put in place in 2000, when offshore finance centres were seen as a threat by standard setters such as the OECD and the Financial Stability Forum.
Article posted on 14th July, 2006 - 12.00am
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