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06
News
Metlife appoints
Business
IMF ranks Jersey as one of
Development the best jurisdictions globally
Director
Jersey Finance has welcomed the Jersey’s banking system is resilient that Jersey’s financial institutions
comprehensive endorsement to a range of shocks and that the and trust company businesses are
Jersey’s finance industry has financial soundness indicators for well supervised to counter terrorist
obtained from the IMF in its latest banks are satisfactory. financing and money laundering
review, which has praised Jersey’s The Jersey Financial Services and that Jersey’s finance industry
high standards of regulation and Commission is also described as has continued to maintain open
supervision. conducting its functions in ‘a and co-operative relationships with
The report, the Financial System transparent and accountable regulatory authorities overseas.
Stability Assessment Update manner’ whilst anti-money The IMF also recognises that
(FSSA), published on 14 September, laundering rules and measures to Jersey has ‘no statutory banking
states that Jersey is in the ‘top counter terrorist financing are secrecy provision’ and that, ‘with
division’ of international finance described as ‘comprehensive’ and mandatory registration with the
centres, including those in the G20 ‘robust’. Registrar of Companies, Jersey’s
and EU, and that, where it is Geoff Cook, chief executive, finance industry has measures in
possible to make comparisons with Jersey Finance, comments: “The place to obtain, maintain, and verify
other jurisdictions, Jerseys is classed IMF has given Jersey’s finance beneficial ownership information
MetLife Europe Limited (MetLife)
as being compliant or largely industry a ringing endorsement for for companies’. Furthermore, ‘the
has appointed Andy Marks, the
compliant with 44 of the 49 general the quality of its regulation and establishment of trusts are
former Managing Director, Sales at
FATF recommendations, compared legislation, the transparency of its significant activities in Jersey and
The Hartford, to a newly created
to, for example, the United regulatory processes and the are subject to strong AML/CFT
post of Business Development
Kingdom (36) and Switzerland robustness and resilience of its requirements’, recognising that
Director as it strengthens its (33). banking system.” Jersey’s finance industry has always
management team for continued It states that Jersey’s laws and In addition, the IMF review has been able to identify the true
growth. regulations have been amended to reaffirmed a number of features of beneficial owners of all entities,
Andy Marks joins MetLife after
enhance compliance with Jersey’s regulatory and supervisory which includes trusts, limited
the decision to close The Hartford’s
international standards and to keep regime, referring to Jersey as one of companies, partnerships and legal
UK operations to new business and
pace with financial sector the pioneers of the Tax Information arrangements formed in the
will report to MetLife’s UK
developments, and confirms that Exchange Agreements. It highlights jurisdiction.
Managing Director Dominic
Grinstead.
In his new role he will be
responsible for developing
significant opportunities with
MetLife’s existing IFA network and
CIFSA to step up tax campaign
also developing new sales channels
which are likely to emerge in the
The chairman of the Cayman
run-up to the implementation of
Islands Financial Services
the Retail Distribution Review in
Association, Mr Anthony Travers
the UK.
OBE said: “As a number of us have
Dominic Grinstead, Managing
been predicting, we see now the
Director of MetLife’s UK Branch
hidden agenda revealed for the
said: “We are delighted Andy has
first time in pure terms.
chosen to join MetLife and are
“The ‘one size fits all global tax
confident his strong track record rate’ has evidently been the real
and experience in the financial OECD objective for over a decade,
services industry will be a major from the publication of the
asset. ‘Harmful Tax Competition’
© Convit
“Of course the objective is which economies it seeks to align
“We believe MetLife’s complete
initiative in 1997, which regarded
guarantee solution is a compelling
unobtainable. The EU more closely.
all forms of competitive tax rate as
proposition for advisers and their
jurisdictions and indeed the US “Obviously CIFSA continues to
a threat to the sustainability of the
clients and our success has been
are in no economic position to provide its advice to The Cayman
high levels of tax in the highly
mirrored in the unit-linked
dictate a global rate of tax to the Islands Government on these
industrialised countries.
guarantee market as a whole.”
power house BRIC economies and matters. The CIFSA public
“The recognition by the OECD
Andy Marks added: “I have been
so the initiative is doomed to relations campaigns should now be
impressed by the success of
of Cayman’s true white-list
failure. stepped up. It will be a good deal
MetLife’s innovative retirement and
credentials and compliance on tax
“We have seen already how less problematic to counter these
savings solutions and am pleased to
transparency has left the G20
readily PRC will leap to the arguments on grounds of pure
be joining a financially strong
nations no option but to come
defence of Hong Kong and Macau. economics now the tax evasion
provider which is fully committed
clean on their true long term
The issue for Cayman is one of stigma is finally removed from the
to the UK market.”
intentions.
long- term strategy and with debate.”
November 2009 Investment International www.investmentinternational.com
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