Finance industry defended in Paris
Wednesday 5th November 2008, 3:00PM GMT.
EVERY French national politician will be sent a briefing from the president of the country’s Senate explaining that Jersey is a well-regulated finance centre.
Gerard Larcher agreed to send the message to over 600 French Senators and Deputies following a meeting in Paris today in the Palais de Luxembourg with Jersey’s Chief Minister Frank Walker.
Senator Walker (pictured) said that he could not have envisaged such a positive outcome from a meeting with the politician who is commonly considered the second most important figure in France behind president Nicholas Sarkozy. He added that after hearing what the delegation from the Island had to say, M Larcher offered to circulate a report from his office to all 327 Senators and 577 Deputies.
‘The whole mood was receptive to what we have done as a finance centre. Delivery of our message from the office of the president of the Senate will help overcome the myths and hostility that the Island sometimes faces in France,’ said Senator Walker.
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Better than it was before, granted, but its usually taken external influences for our Finance Industry to clean up its act and do the right thing. Up until 1995 Jersey firms were willing to help white South Africans hedge their bets with Apartheid by helping them get their funds out of that country and around international sanctions. Till 1997 our money laundering rules didn’t cover Jersey being used to facilitate overseas tax evasion. The exempt company which allowed “theft” of other jurisdictions tax bases was only removed very recently due to concerted OECD pressure. We’ve also played our part in the current implosion in financial markets via many of the opaque structures of the shadow banking industry although other offshore jurisdictions have done a lot more of that.
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