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Jersey Reviewing Panama Paper Exposure

by Jason Gorringe, Lowtax.net, London
11 May, 2016

Jersey's financial services regulator, the Jersey Financial Services Commission, says that it has been closely monitoring developments following the leak of the "Panama Papers."

This has included monitoring any relevant connections between Jersey financial services practitioners and the Panamanian firm Mossack Fonseca; and any other subject material that has so far emerged into the public domain from the Panama Papers publication.

The Commission said that it has relied primarily on self-disclosure by licensed and regulated financial firms in Jersey, as there has been a high level of awareness among the regulated community of their obligations in this respect.

To date, this process has yielded a relatively small number of relevant connections, the regulator said, adding that all of these are being carefully scrutinized. The Commission says that some of the connections date back several years and none suggests significant evidence of misconduct or failure to correctly identify persons for whom Jersey financial practitioners are acting, or other important anti-money laundering information such as source of wealth and purpose of business being conducted, it added.

Given the level of attention globally generated by the Panama Papers matter, the Commission has set out a more structured request for information from financial services firms that it regulates.

John Harris, the Commission's Director General, commented: "We realize that in a fast moving and demanding situation such as this, flexibility is required and two of the Commission's key objectives, are aiming to protect the reputation of Jersey in commercial and financial matters and in so doing pursuing the Island's best economic interests. These aims will always guide our actions and we are monitoring the developing events very carefully and will take any appropriate action needed."

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