Dates of Jersey’s IMF assessment announced

By Christine Herbert

THE dates have been confirmed for the International Monetary Fund assessment of Jersey’s financial regulation.

The first part of the assessment will take place from 22 October to 6 November and will focus on the measures Jersey is taking to counter money laundering and the financing of terrorism. The second part, which takes place from 11 November to 21 November, will look at compliance with international financial regulation.

The Isle of Man is currently undergoing a similar process and Guernsey will be assessed in January. This is the second time that the IMF has measured Jersey’s compliance with international standards. The last occasion was in 2003, when the standard setters concluded that the Island was almost fully compliant. However, they did make a number of suggestions for improvement.

During their visit the teams will be meeting not only the regulators, but also financial services firms, government ministers and officers. The director general of the Jersey Financial Services Commission, John Harris, said the IMF would be looking not only at the regulation in place, but also at how effectively the JFSC, the States of Jersey Police and the Law Officers’ department carry out the required procedures.

Article posted on 10th October, 2008 - 2.59pm

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