Debate over dirty money control

A public consultation outlining Jersey States' proposals to tighten its controls on laundered money entering the island has started.

It is part of preparations for a review next year by the International Monetary Fund of how Jersey is performing as a finance centre.

The States want to extend current regulations to include businesses from the motor trade and estate agencies.

Businesses handling goods valued over £10,000 would be affected.

We have established an excellent reputation as a well regulated international financial services centre Martin De Forest-Brown, States Director of International Finance

The proposals would mean new business sectors, such as estate agents, solicitors and businesses which deal in high value transactions, such as boats, cars and jewellery would be covered by the regulations.

Martin De Forest-Brown, the States Director of International Finance, said: "It is imperative that Jersey gets a good result from the IMF review next year.

"We have established an excellent reputation as a well regulated international financial services centre and we must continue to be vigilant and flexible, ensuring that we take all necessary steps to maintain our position.

"If we want to be a global player, we have to play by their rules. I hope that island businesses will respond positively to our proposals, because they all benefit from the wealth which the financial services industry brings."