Good morning. I am delighted to welcome our special guests and speakers from the Securities and Exchange Commission, who have a remarkable depth of experience in this important area, and also everyone joining us from across Europe and from as far afield as the BVI.
Jersey is one of the leading international financial service centres of the world with a strong reputation for fighting money laundering and financing of terrorism.
We have demonstrated our commitment to transparency and exchange of information; signing and ratifying an Inter Governmental Agreement with the US for the implementation of FATCA. And, in common with G8 members, producing an Action Plan on enhancing transparency of beneficial ownership following the Lough Erne Summit last year.
Financial crime
All investigators can benefit from this proactive approach to advancing the worldwide fight against financial crime. It is in this context that this week’s conference will provide a fantastic platform for examining how the SEC is striving to prevent any repetition of some of the world’s largest frauds, like the Madoff and Stanford Ponzi schemes.
Jersey as a jurisdiction, and particularly the Jersey Financial Service Commission, have successfully processed 26 requests for assistance from the SEC and proactively shared 19 intelligence reports of suspected cases of insider dealing or market manipulation with other Law Enforcement and Regulatory bodies.
Jersey works closely with the SEC, the FBI and the Department of Justice. This cooperation has resulted in criminals being brought to book, the proceeds of crime being restrained and confiscated money being returned to victims. We are proud of these efforts and eager to continue with our contribution as part of the international community.
Through our licensing and regulation of TCSPs we are recognised by the World Bank and others as a model jurisdiction that surpasses many, if not all, other jurisdictions in the accuracy, adequacy and timeliness of the information available to law enforcement agencies on, for example, the beneficial ownership of companies and the beneficiaries of trusts.
International cooperation
Financial crime has no jurisdictional boundaries and has become increasingly complex in nature. We have to raise our game. Very often Jersey holds one piece of evidence, which forms part of a complex jigsaw of financial crime detection.
As a jurisdiction, and particularly with the Jersey Financial Services Commission, we continue to be committed to ensuring that all parts of the jigsaw come together; by working with Law Enforcement and Regulatory bodies in other jurisdictions.
We recognise the need to continually learn from the experience of others and we are eager to learn from the experience of the SEC and the several hundred enforcement cases that you pursue each year.
This conference is the perfect platform to examine topics like investigation techniques, the use of technology in the examination process, international cooperation and the challenges of investigating market manipulation and insider trading. I am extremely pleased that this event is being held here in Jersey.
We are serious about countering financial crime and will continue to play an active role within the international community in this important fight.
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