Jersey tops IMF league

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It was announced yesterday that the Island has passed the latest IMF inspection of its financial sector regulation with flying colours.

The comprehensive inspection was carried out in October and November last year by a team of six assessors.

Their report, the main section of which runs to over 320 pages, says that the Island is second to none in terms of compliance with the Financial Action Task Force’s 49 recommendations aimed at countering money laundering and the funding of terrorism.

The report concludes that financial regulation and supervision here are of a ‘high standard’ and ‘comply well’ with international standards. Specifically, the Island has been assessed as complying, or largely complying, with 44 of the 49 FATF recommendations.

Chief Minister Terry Le Sueur said: ‘We received a good report from the IMF in 2003, but this one is even better.’

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