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Press Release - 4 September 2002


A team of experts in the regulation of financial services and in anti-money laundering defences will visit Jersey to conduct an evaluation between September 11 and September 25. The evaluation visit is under the auspices of the International Monetary Fund (IMF) who were invited to conduct the evaluation by Senator Walker, President of the States of Jersey's Finance and Economics Committee. The IMF at the request of the Financial Stability Forum are engaged in a programme of evaluations of a large number of offshore centres. The Jersey evaluation team will also be conducting an evaluation of Guernsey (in November) and the Isle of Man (in October). The evaluation team will be examining Jersey's regulation of banks, funds, insurance, securities and trust company business. They will also examine Jersey's anti-money laundering defences. They will be benchmarking Jersey against the published standards by international standard setting bodies such as the Financial Action Task Force on money laundering and the Basel Committee on Banking Supervision.

The Chairman and staff of the Jersey FSC have participated with these bodies in the process of setting standards and developing evaluation methodologies. Staff of the Jersey FSC have also participated as experts in IMF led evaluations of other centres.

The IMF team's primary focus will be on the work of the Jersey FSC and much of their time will be spent discussing regulatory standards with staff of the Commission. In addition, they will meet representatives of the finance industry and may choose to visit individual institutions.
As part of their examination of Jersey's anti-money laundering defences, the team will also meet the Attorney General and the Head of the Joint Financial Crimes Unit.

The team's findings will be discussed with the Jersey authorities but are unlikely to be concluded before the team has completed their evaluation of all three Crown Dependencies and discussed them with authorities from all three islands.


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