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Debt Relief (Developing Countries) (Jersey) Law 201-

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A decision made 26 September 2012:

Decision Reference: MD-C-2012-0093

Decision Summary Title :

Lodging of Debt Relief (Developing Countries) Jersey Law 201-

Date of Decision Summary:

26/09/12

Decision Summary Author:

 

Chief Minister’s Department

Decision Summary:

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title :

Debt Relief (Developing Countries) (Jersey) Law 201- – (“the draft Law”)

Date of Written Report:

18/09/12

Written Report Author:

Attorney General

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Exempt

(v) Legal professional privilege or disclosure of legal advice to an Authority.

Subject: Lodging of Debt Relief (Developing Countries) Jersey Law 201-

Decision(s):  The Chief Minister agreed to lodge ‘au Greffe’ the Debt Relief (Developing Countries) Jersey Law 201- for debate by the States at the earliest opportunity.

Reason(s) for Decision:
 

On 21 July 2009, the UK government consulted on proposals to introduce legislation to prevent creditors of the 40 identified Highly Indebted Poor Countries (HIPCs) pursuing full recovery of their debts through the UK courts, thereby undermining the debt relief effort provided by other creditors (such as the UK government).  The Debt Relief (Developing Countries) Act 2010 was enacted on 8 April 2010 and came into force on 8 June 2010.  The Act was initially temporary, with a ‘sunset clause’ ensuring that it continued in force only until 8 June 2011.  In May 2011, the Act was made permanent.

 

A Jersey consultation was launched on 15 September 2011, seeking views on whether the Island should consider introducing legislation to limit practices that could undermine international debt relief efforts. The consultation closed on 8 December 2011. The majority of respondents were in favour of Jersey enacting such legislation. The Chief Minister decided on 19 January 2012 to instruct officials to prepare drafting instructions for legislation to limit practices that could undermine international debt relief efforts (MD-C-2012-0011). The Chief Minister also decided to present a Report to the States entitled ‘Legislation to assist in the provision of debt relief to poorer countries: update’ (MD-C-2012-0012) (presented to the States as R.12 2012 on 31st January 2012 by the Chief Minister).

 

The Debt Relief (Developing Countries) Jersey Law intends to limit practices that could undermine international debt relief efforts. Jersey has a responsibility to play its part in the global effort, expressed in the UN Millennium Declaration, to support debt relief efforts intended to assist the world’s most heavily indebted poor countries. The adoption of such legislation is important for the Island’s international reputation as a responsible jurisdiction conscious of its role as an international finance centre and the contribution it makes to the well-being of the world’s developing and most heavily indebted poor countries.

Resource Implications: There are no financial or manpower implications.

Action required: The Greffier of the States to be requested to lodge ‘au Greffe’ the Debt Relief (Developing Countries) Jersey Law 201- for debate by the States at the earliest opportunity.

Signature:

 

 

Position:

 

Senator I.J. Gorst

Chief Minister

Date Signed:

Date of Decision (If different from Date Signed):

Signature

 

Position

Director International Affairs

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