Jersey and Money Laundering

Interesting report from 2006. As some critics talk about unsubstantiate vast money laundering though Jersey, it is nice to read a more balanced perspective as opposed to supposition and rhetoric.

 

http://www.tax-news.com/archive/story/Many_Jurisdictions_Remain_Vulnerable_To_Money_Laundering_Says_US_Report_xxxx22942.html

 

Many Jurisdictions Remain Vulnerable To Money Laundering, Says US Report
By by Leroy Baker, Tax-News.com, New York
08 March 2006

 

Jersey

Jersey's sophisticated array of offshore services is similar to that of international financial services centers worldwide.

The Government of Jersey has established an anti-money laundering program that in some instances, such as the regulation of trust company businesses and the requirement for companies to file beneficial ownership with Jersey's Financial Services Commission (JFSC) go beyond what international standards require, in order to directly address Jersey's particular vulnerabilities to money laundering.

Jersey should establish reporting requirements for the cross-border transportation of currency and monetary instruments. Jersey should continue to demonstrate its commitment to fighting financial crime by enhancing its anti-money laundering/counterterrorist financing regime in areas of vulnerability.