JERSEY has signed a memorandum of understanding with the United Arab Emirates that can help build business between the two states, says the Island’s financial regulator.

The agreement was signed on Sunday in Abu Dhabi between the Jersey Financial Services Commission and the Central Bank of the UAE. The signatories were JFSC director general John Harris and the bank’s governor, Sultan Bin Nasser Al Suwaidi.

Mr Harris said that the memorandum of understanding with the UAE was important as the country had become a ‘hugely important’ financial centre.
He explained that it was also a country with which Jersey firms were undertaking increasing levels of business.

‘It is a very important addition to the existing MoUs established between the commission and other regulators around the world and reflects the JFSC’s commitment to cross-border regulatory co-operation,’ he said.