In this special focus, we look at how Jersey has continued to thrive as a successful international finance centre following a year of global upheaval.
Joe Moynihan, CEO of Jersey Finance, explains why the jurisdiction has gained its impeccable reputation and how it plans to maintain its competitiveness through growth and innovation. We also talk to Martin Moloney, Director General of Jersey Financial Services Commission, who discusses how Jersey’s high international regulatory standards are maintained and what new policies are being introduced to ensure adherence to such standards.
In addition, our extensive sector focus provides an overview of the latest trends and developments in Jersey's key industries. James Sheedy from Baker & Partners discusses the consequences of trustee mistakes that result in significant tax bills, while Craig Swart from Dickinson Gleeson provides us with a Jersey Foundation update.
Also, Adam Brown from Jersey Finance and Jessica Osman from Digital Jersey explore how fintech is evolving to form a core strand of Jersey’s financial services proposition; while Edmund Hatton from Vaiie discusses how Jersey is on course to become a centre of excellence in the use of Regulatory and Compliance Technologies (RegTech).
Jersey has long enjoyed a close and successful relationship with the Middle East - Kate Anderson from Voisin Law explores this relationship in greater detail. Meanwhile, Sarah Farrow from Carey Olsen discusses key developments in the family office space as we move further into the 2020s; and Sophie Reguengo considers the impact of the COVID-19 pandemic on fund managers in relation to compliance with Jersey's economic substance rules.
Jersey has been providing cutting-edge financial services to international investors for around six decades now – in fact, 2021 marks the 60th anniversary of Jersey’s finance industry, underlining just how enduring this industry is as part of the Island’s economy.
Over that time, the industry has changed significantly as investor demands, capital flows, regulatory frameworks, social norms, and technology have all shaped what it means to be an international finance centre.
What has stayed constant over that time, though, is Jersey’s ability as a jurisdiction to demonstrate an entrepreneurial spirit, able to innovate and adapt to support high-quality financial flows. Jersey’s purpose – to help facilitate high-quality international investment so that capital can be put to work where it is needed most – remains as true today as it did 60 years ago.
Jersey has long enjoyed a close and prosperous relationship with the Middle East; for example, the first Jersey-based Sharia compliant fund was established over 20 years ago.
The longevity of the ties between Jersey and governments, businesses, and high net worth (HNW) individuals in the Middle East is a testament to the common benefit for all parties in Jersey’s prominent position as an established, well-regulated international finance centre (IFC).
This close financial relationship is supplemented by strong political links between Jersey and the Middle East. Members of the Jersey Government make regular visits to liaise with their Middle Eastern counterparts. Jersey has signed full double taxation agreements with the UAE and Qatar and, in July 2020, Jersey and the UAE jointly announced their intention to negotiate and sign a Bilateral Investment Treaty (BIT).
Whilst the coronavirus (COVID-19) pandemic has affected everyone, the consequences of non-compliance…
As one of Jersey’s many promising technology firms focusing specifically on Regulatory and Compliance Technologies in financial services, Vaiie loves nothing more than bringing innovation, industry collaboration, and cutting-edge technology to life.
Breaking down how regulatory technologies can help reduce risk, improve efficiency, provide competitive advantage and enhanced customer service is what we do best.
At Vaiie, we are passionate about RegTech and passionate about Jersey’s opportunity to become a centre of excellence in this space. With strong regulation, a robust digital infrastructure and a significant talent pool, as well as incredible insight into the international finance sector, Jersey is well placed to produce some of the world’s leading solutions to solve international compliance challenges.