I am delighted to see that the hard work and commitment undertaken over many years has been recognised today by a very positive report from the International Monetary Fund (IMF). Jersey’s ratings in that report put it at the top of compliance tables.

The IMF has assessed Jersey as complying, or largely complying, with 44 of the 49 recommendations of the Financial Action Task Force (FATF). When last assessed, only three other jurisdictions scored 40 or more – the US and Singapore scored 43 and Belgium 42. We are not aware of any other jurisdictions that reached 40 or more. This places Jersey among the top jurisdictions for compliance with the FATF recommendations, out of a total of more than 120 jurisdictions that have been assessed. The UK has been assessed as complying, or largely complying, with 36 of the recommendations.

In the case of the most important FATF standards, Jersey (along with only six other jurisdictions) complies, or largely complies, with 15 of the 16 key recommendations that the FATF considers the most important. No jurisdiction has been assessed as complying, or largely complying, with all 16 of the recommendations.

The IMF’s report has also found that Jersey’s financial sector regulation and supervision are of a “high standard” and “comply well” with international standards. It states that Jersey has put in place a “comprehensive and robust” framework for countering money laundering and terrorist financing and has achieved a “high level of compliance” with almost all aspects of the FATF’s recommendations. The IMF has assessed the island’s banking system as being resilient to a range of shocks.

This is an excellent outcome, and is tremendously important for Jersey. Not only does it demonstrate our high degree of compliance with international standards, it also provides a strong base from which to negotiate with our European neighbours.

The IMF makes recommendations to further improve our regulations and these are set out in some detail in the IMF’s report. The island’s authorities will publish an action plan setting out how we intend to deal with these points.

We welcome these recommendations as they will help to further strengthen our regulatory, supervisory, anti-money-laundering and combating the financing of terrorism arrangements.

This latest assessment reinforces our position as a member of the community of nations that adhere to international standards, and that is where we must remain.

We are not complacent; we are committed to maintaining and enhancing our adherence to international standards. We received a good report from the IMF in 2003, but this one is even better. We will not rest on our laurels, but will strive to remain at the forefront of the international drive to develop frameworks for strengthening financial regulation.

-ends- Notes to Editors: 1. For further information, please contact the Director of International Finance, Martin de-Forest Brown, on 01534 440420