Hopes that rich Russians will use the Island’s services
Wednesday 27th April 2011, 3:00PM BST.
Christine Whitfield, Jersey Finance head of special projects
AN increasing number of rich Russians could well be using Jersey to protect their wealth in future.
That is the message from Jersey Finance following a visit to a major conference in Moscow earlier this month.
Head of special projects Christine Whitfield attended the second Adam Smith International Conference, entitled ‘Wealth Management and Private Banking, Russia and CIS’.
Read the full story in the Jersey Evening Post.
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Is this another case of Jersey Finance cashing in on corrupt money.I’d like to know how all these “Rich Russians” came in to their money since the fall of Comunism. Shouldn’t this be a case of know your client, the banks here are quick to follow this up for Jersey residents
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Makes you proud that a new breed of totally honest oligarch ‘could be’ looking to Jersey to ‘protect their wealth’. Of course you can be 100% sure that none of this money will be the proceeds of crime or corruption. A form will have been filled in and some boxes ticked. Job done. Welcome comrade, can I interest you in a flat at Castle Quay?
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Can i ask how much tax or income the extra money from Russia will bring to Jersey?
What did you say? Not much?
So the reputation of Jersey will be once again tested when a criminal investigation into a corrupt Russian business man pops up and for what? Nothing much?
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Well the problem is that the last place an honest wealthy Russian would ever put their money in is Russia itself, which is where honest neutral, stable jurisdictions like Jersey come in…and yes the law and regulation means financial service providers in Jersey do have to look very carefully at all new clients.
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Burma has some money to invest and so does North Korea will these be tapped up?
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More revenue from foreign oligarchs avoiding paying tax in the country where there wealth was generated — yummy money —doesn’t it make you proud to be a Jerseyman.
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Good to see someone talk sense (Mike R). I knew when reading the story it would be followed by inane comments on dodgy oligarchs.
Yes, Russia was and continues to be rife with corruption. Yes, a lot of people engaged and continue to engage in corrupt acts.
However, a lot of people made a lot of money very honestly when the USSR fell over. They want more than anything to protect those funds and a stable political environment with sound financial, legal and tax expertise that is found in abundance in Jersey is a prime reason for the island’s attractiveness.
Jersey was not always the beacon of all things good in financial services. But it has come along in leaps and bounds and is at the forefront of world finance. Once only needs to look at the 2009 review by the IMF / FATF. No other country complied at the same level as Jersey.
So now I sit back and await the replies to my post saying that review was poor and not a true reflection of what goes on blah blah blah…
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Well, it looks like the ethical bypass operation performed by Dr. Ozouf was successful.
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Can Jersey’s boutique finance industry carry out the vetting procedures needed to deal with these people?
A lot of them are honest, a few are not very legal, but some are really murky.
Suppose there was an Enron sized scandal and a consortium of island banks and lawyers were involved?
It would take the finance industry and the parts of the economy resting on it to the bottom.
We live in desperate times and the fact is that politicians and Jersey finance are staking the future of the island on the roulette tables of Russian and Chinese finance.
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Mike R
‘Well the problem is that the last place an honest wealthy Russian would ever put their money in is Russia itself, which is where honest neutral, stable jurisdictions like Jersey come in’
Amazing how how the memory lingers…
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Jersey Finance, the States and their development company friends have taken Jersey to the brink. We are a mono-economy totally dependent on the finance industry and totally vulnerable.
Less Russian ollies please and more local enterprise — non-finance related.
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Now that’s a million dollar smile if ever I saw one.
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I bet any Russian will be driven up to the Portelet monstrosity, complete with armed body guard, and offered a deal – perhpas 2 for the price of 1?
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Oh yes, Rich Russians will love to hide their illgotten gains in Tax neutral, Tax advantage
confidential, well regulated and any other bull island of Jersey, how? just open a trust!!
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Well they better hurry up.Reading in the Sunday papers today the Uk government is stopping the the use of offshore companies and trusts as a vehicle to purchase UK property and thus saving on tax.Examples they gave were One Hyde Park apartments being bought by wealthy Russians and Arabs.I guess thats another door closing on our ‘exploit the loophole’ industry.
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Jersey will never get rid of the greed factor which has ruled for years, working people come last again.
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Oddly, Adam Smith, in whose name this conference is organised, studied moral philosophy and wrote The Theory of Moral Sentiments. Naming this conference after this scholar is a bit like naming a conference on mass murder after Florence Nightingale; it’s certainly a veritable contradiction in terms
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Hate to tell Jersey Finance this but most of the banks over here already have Russian clients due to referrals from head offices and intermediaries as well as global networks…
We really are in the hands of a bunch of buffoons, this is not a headline or even news worthy..
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Yeah , bring your money to Jersey, we won’t charge you taxes but we will increase GST instead.
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No surprise they are loaded looking at my gas bill.
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When time will get tougher they will turn to Colombians…
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It may be we are too late as there are many other jurisdictions who already welcome Russian funds.
As usual Guernsey is quietly in the lead again.
Jersey moves too slowly to catch new business and the delusional nay sayers above have never been far from the rock.
Would it surprise you to know we have to be taken off many a black list ourselves.
There are huge amounts of Russian money being spent in London right now.
People in Jersey are working franticly to get Jersey taken off black lists all over the world and lets face it we need more funds here we lost 30% of managed funds in the last year.
The nay sayers can pay for their own public services I want mine paid for by international investors in Jersey funds. If you want to live in a poor rural Island please move.
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#22. poor island? Sorry you have lost your way.
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I’m guessing the Chinese will be next. Though it will be hard to get them away from Hong Kong.
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