Reworking the model of financial centres

In the world of global financial centers, one name that often sparks controversy is Jersey Finance. The CEO of Jersey Finance, Joe Mohian, recently sat down for an interview to discuss the operational model of financial centers and the criticism they face. Jersey Finance serves as the representative body and promotional entity for Jersey's International Finance Centre. One of the key points Mohian addressed was the issue of being labeled a tax haven. He emphasized that Jersey Finance operates as a tax-neutral platform, exchanging information with over 134 countries and avoiding adding an extra layer of tax for investors. The transparency agenda of the organization, with beneficial ownership records dating back to 1999, assures authorities access to necessary information. Mohian highlighted the strategic benefit of Jersey Finance as a global customer base utilizes its efficient system to pool investments and direct capital across various regions. The economic impact assessment conducted with the Centre for Economics and Business Research revealed that capital intermediated through Jersey contributed significantly to GDP growth in Africa, generating jobs and fostering investment. Despite criticisms around the size of investments relative to multinationals, Mohian pointed out that the capital channelled through Jersey catalyzes economic growth and supports both outflows and inflows on a global scale. Furthermore, Jersey's regulatory standards, stability, expertise, and strong government support have established it as a trusted financial center. The CEO underlined the importance of adhering to global standards to maintain investor confidence. He discussed the emergence of new financial centers like Kigali International Finance Center, Nairobi Finance Center, and Accra International Finance Center. Mohian praised the commitment of these centers to uphold stringent regulations and highlighted Rwanda's stability as a significant advantage. The CEO also addressed concerns over blacklisting and activism targeting financial centers. He reaffirmed Jersey's compliance with the Financial Action Task Force's assessments and emphasized the need to differentiate between valid critiques and agenda-driven criticisms. Mohian stressed the importance of maintaining global standards and adapting to evolving regulatory frameworks. In conclusion, Jersey Finance exemplifies a successful financial center that continues to evolve and adapt to changing global dynamics, positioning itself as a competitive player in the international financial landscape.