EU Finance Ministers (ECOFIN) have today (12 March) formally confirmed Jersey's position as a cooperative jurisdiction following an extended period of screening.
Responding to the positive news, Joe Moynihan, CEO, Jersey Finance, said:
"We're pleased that the work Jersey's government and financial regulator have undertaken over the past year or so, with industry input, to implement economic substance legislation has been recognised by the EU. We have said all along that Jersey was willing and able to work with counterparts in the EU to meet the criteria laid out by the EU's Code of Conduct Group. Having these new rules now in place should give investors and other stakeholders a clear indication of just how seriously Jersey takes its obligations as a well-regulated IFC and of its ongoing commitment to play a positive role in Europe's future.
"The expectation is that, given the high professional standards and commitment to good corporate governance that already exists in Jersey, most companies will readily be able to demonstrate that they meet the new substance requirements."
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