11 November 2009
Jersey’s Chief Minister has welcomed an announcement from the G20 Finance Ministers that they will continue strengthening the global financial system, and will work with the Financial Stability Board (FSB) to maintain the momentum of their programme of reforms, and ensure their full, timely and consistent implementation and a level playing field.
Senator Terry Le Sueur said: “We are actively supporting the steps being taken to enhance international standards of financial regulation and compliance. We also welcome the pressure being brought to bear on non-cooperative jurisdictions. Further progress towards a global level playing field can only benefit the Island.”
The G20 Finance Ministers, in their statement, welcomed progress by the Global Forum on tax transparency, exchange of information and tackling non-cooperative jurisdictions. They called on the Global Forum, FSB and Financial Action Task Force to complete their peer review processes, and to assess adherence to international standards.
Jersey has recently been assessed by the International Monetary Fund as complying, or largely complying, with 44 of the 49 recommendations of the Financial Action Task Force (FATF). Jersey’s ratings put it at the top of compliance tables.
Earlier this year, at the Global Forum on Tax Transparency and Exchange of Information, Jersey was invited to take on the role of a Vice Chair for the Peer Review Group (PRG). This was set up by the OECD to develop a robust, transparent process to assess how effectively the international standards of transparency and exchange of information for tax purposes are being implemented by individual jurisdictions.
The States of Jersey’s Advisor for International Affairs, Colin Powell, has taken on the role of a Vice Chair, and said: “It was a great honour to be invited to sit on the Peer Review Group as one of the Vice-Chairs, and I am particularly pleased that the G20 Finance Ministers have given added credence to the work of this group by calling on the Global Forum to complete their peer review processes. I look forward to playing my part in assessing adherence to international standards.”
In their statement, the G20 Finance Ministers stressed that although financial conditions have improved following a coordinated, global response to the crisis, the recovery is uneven and remains dependent on policy support. To restore the global economy and financial system to health, Ministers have agreed to maintain support for the recovery until it is assured.
Jersey’s Treasury Minister, Senator Philip Ozouf, said: “This confirms that there is still strong international support for continuing fiscal stimulus programmes in every economy, however small, as a way of mitigating and limiting the impact of the global downturn on businesses and individuals. I will be making further announcements on Fiscal Stimulus projects for Jersey in the coming days.”
Senator Le Sueur added: “We are fully behind actions being taken to assure a sound and sustainable recovery from the global financial and economic crisis.”
G20
Financial Stability Board
International Monetary Fund
Financial Action Task Force
OECD Gobal Forum
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