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Channel Islands And IoM Discuss Challenges

by Jason Gorringe, Lowtax.net, London
19 November, 2014

The financial services regulators of the Crown Dependencies – Guernsey, Isle of Man, and Jersey – have met to discuss common regulatory and policy issues.

Discussions focused on recent international regulatory developments, including changes to international standards, and assessments of their compliance with international standards to which each of the territories are subject. They also discussed anti-money laundering issues, and the landscape for the Crown Dependencies, in light of UK, EU, and broader international policy changes.

The meeting also discussed proposals to expand the availability of information on beneficial ownership through public registers.

The Chairs of the three islands' regulatory bodies issued a joint statement saying: "We have many issues in common. The meeting provides an important forum for the Boards in each of the jurisdictions to meet and collectively share views and experiences on key issues. All three islands have been affected by the significant changes in the regulatory environment since the financial events in 2008 and continue to work together on many issues wherever possible. At Board level, it has been very beneficial to maintain our excellent working relationship, especially at a time where there have been many challenges to embrace." 

The move follows recent meetings by the Crown Dependencies with Members of European Parliament (MEPs) in Brussels earlier this month to discuss their future relationship with the EU.


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