Jersey’s finance industry has been a force for good both within and beyond the Island for over half a century.
Since the finance industry was born sixty years ago, it has been a major contributor to the local economy- supporting and creating jobs across other sectors.
Disappointingly, certain parts of the media continue to portray our jurisdiction in a negative light, not differentiating between international finance centres, categorising them all as corrupt and the root cause of many world issues. Our ambition with the media and detractor groups is that the information around centres like Jersey are better understood to promote more constructive, two-way engagement and a truer understanding of the positive impact we make on both local and international economies.
As an industry, we remain vigilant in the fight against money laundering and we support measures that further safeguard us from such threats. Reviews and assessments demonstrate that there is a comprehensive infrastructure of institutions, laws and processes in place to mitigate risks and we continue to work with our partners, the regulator and the government to identify and address any issues that could undermine our high standards and commitment to international regulation.
But why do some people continue to hold these views about Jersey’s international finance centre?
The real facts
Jersey is not a tax haven. A tax haven is a secretive, poorly regulated finance centre that tolerates financial crime and has little transparency. What Jersey’s finance centre does is not secret; In fact, we have been acknowledged by independent assessments from some of the world’s leading bodies, including the World Bank and IMF, as well as scoring top marks from the OECD on tax transparency. What’s more, it is a criminal offence to facilitate or engage in tax evasion in Jersey and it has been this way since 1999.
Almost 14,000 Islanders are working in our industry, proud to support both the prosperity of Jersey and global communities. Far from being ‘self-serving’, £1 million a day is spent by the finance industry on local good and services and the tax revenue from employees support other Island services such as health and social services.
Aside from the range of community and charity-based initiatives that run all year round, this workforce has worked even harder supporting the Island during the pandemic to help improve lives locally and support things they care about.
The ripple effect of their hard work reaches far beyond our shores. The finance industry not only supports the economy locally but is also a conduit for wealth right across the globe. By doing so, Jersey is championing cross border flows, helping alleviate poverty globally, and improving the lives of people beyond our shores.
Proud to be part of Jersey
Our finance industry is something we should all be proud. At almost 60 years old, Jersey’s resilience and its forward-thinking approach, continues to create a positive impact in Jersey’s narrative.
We should be proud of our industry and take the time to reflect on the many reasons why it acts as a force for good to our unique Island.
Visit our Jersey for Good page to discover more.