As many of us know the JFSC mission is to maintain Jersey’s position as an international finance centre with high regulatory standards and to pay particular attention to its Guiding Principles as set out in Article 7 of the Financial Services Commission (Jersey) Law 1998.
These guiding principles are:
- Reducing risk to the public of financial loss due to dishonesty, incompetence, malpractice or the financial unsoundness of financial service providers;
- Protecting and enhancing the reputation and integrity of Jersey in commercial and financial matters;
- Safeguarding the best economic interests of Jersey; and
- Countering financial crime both in Jersey and elsewhere
In considering these 4 guiding principles and in particular point no4, I was interested to see in today’s JEP Careers Review (see below) they now state they are FIGHTING FINANCIAL CRIME………
Although the law has not changed the JFSC message is clear – this message being that they have subtly albeit materially moved from:-
- COUNTERING = defined as – Acting in advance of AND dealing with ahead of time…with FINANCIAL CRIME………
To
- FIGHTING = defined as – Engaging in battle in an attempt to defend against and/or subdue, defeat, or destroy by contending and striving vigorously, in any manner, against….FINANCIAL CRIME………
In considering the above, the question is, is there a difference? Does this reflect what is seen against what is expected?
As usual answers on a postcard…..
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