Secrecy jurisdictions strengthen ties: Jersey delegation visits United Arab Emirates

(via Jersey Finance) A delegation from Jersey (ranked 9th on the Financial Secrecy Index) is visiting the United Arab Emirates (ranked 16th).

The delegation is headed by External Relations Minister Sir Philip Bailhache, accompanied by the Chairman of Jersey Finance. They will be “building on the existing links within the financial services industry, seeking to reinforce Jersey’s strong record on regulation, cooperation and transparency, which has been recognised by official bodies such as the OECD and IMF, as well as highlighting the wide range of business activity in place.”

“Jersey has to date attracted £20.8bn in bank deposits from the Gulf, 13 percent of total bank deposits held in Jersey.”

“Jersey’s strong links with the region are reinforced by the presence in Jersey of a number of Gulf based banks either directly or through association with other financial institutions. Among them are Abu Dhabi Commercial Bank, HSBC Expat, Emirates NBD, the National Bank of Abu Dhabi and the Abu Dhabi Islamic Bank.

Jersey Finance has also been fostering educational links in the region, most recently by hosting Kuwaiti banking students through the training and development scheme which is organized by the Kuwait Institute of Banking Studies (KIBS).”

The population of Jersey is 97,000, while the population of the United Arab Emirates is 9.2 million.

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