Jersey’s Chief Minister has welcomed the Leaders Statement issued following last week’s G20 Summit in Pittsburgh.

At the Summit, world leaders reviewed the progress made since the Washington and London Summits and agreed to maintain steps to support economic activity until recovery is assured. They also pledged to take additional steps to ensure strong, sustainable, and balanced growth, to build a stronger international financial system, to reduce development imbalances, and to modernise the architecture for international economic cooperation.

Senator Terry Le Sueur said: “We are fully behind any action that is taken to assure a sound and sustainable recovery from the global financial and economic crisis. The commitment of the Summit to support economic activity and lifelong skills development is very much in accord with the action we have taken through the fiscal stimulus.”

“We welcome the action to be taken to enhance international standards of financial regulation and compliance. We are confident we will maintain our position among the world leaders in complying with these standards, and continue to be internationally recognised for doing so. We also welcome the pressure being brought to bear on non-cooperative jurisdictions. This further progress towards a global level playing field can only be of benefit to the island.”

“After the last G20 Summit, the OECD highlighted Jersey as one of the jurisdictions that have substantially implemented the internationally agreed tax standard, alongside jurisdictions like the UK, USA, France and Germany.
Jersey has since been invited to take on the role of one of four Vice Chairs, for a new Peer Review Group set up by the OECD at its recent Global Forum on Tax Transparency and Exchange of Information. The Pittsburgh summit has focussed on the need for a similar peer review process for international standards of financial regulation and anti-money laundering. In this respect the recently announced excellent results of our IMF assessment are extremely timely. “

“We will continue to work closely with organisations like the OECD, the IMF, the Financial Stability Board and the Financial Action Task Force to take a leading role in the international drive to develop frameworks for strengthening financial regulation.”

Senator Le Sueur added “We also share in the summit commitment to offer support to emerging and developing countries. The conference* we are to hold in February next year is designed to offer assistance to developing countries in meeting the G20 objectives.”

Ends

Notes to Editors:

For more information please call Martin de Forest-Brown on 01534 440420
For an interview with Senator Terry le Sueur please call 01534 440585

* Jersey is to hold a conference aimed at assisting developing and less advanced jurisdictions to make progress in meeting the G20 objectives. It will be held in Jersey on 10th and 11th February 2010.
The following organisations have been invited to participate –
OECD
Commonwealth Secretariat
UK Department for International Development
UK Treasury Department
UN Office on Drugs and Crime
World Bank
Norwegian Agency for Development Cooperation
Transparency International
Christian Aid
Financial Action Task Force
African FATF Style Regional Bodies (one covering East and South Africa and the other covering West Africa).