Gorst accuses States Members of being fed information by Jersey’s critics

Wednesday 13 April 2016

Chief Minister Ian Gorst has accused some States Members of being fed information about Jersey’s finance industry and not understanding it for themselves.

During questions in the States yesterday about the Panama Papers, the Chief Minister – a former accountant – turned on critics in the Chamber.

After facing questions from Deputies Geoff Southern, Mike Higgins and Montfort Tadier, Senator Gorst said that some politicians did not understand Jersey’s financial services industry, or the regulatory framework within which it operates.

He said: “It is about time that Members of this Assembly, rather than being critical and being fed information by our detractors, they actually started to understand what happens in our financial services sector and started telling the world that the truth of the matter is that we are leading and that others should consider following us.

“Individuals operating in this sector are personally liable if they get something wrong in such a way that we see the UK Prime Minister says might be a step that they are going to take, or that he is going to take arising out of the so-called ‘Panama Papers’.

“We have been doing that for years.”

Reform Jersey - the Island's only political party - responded to the story on Twitter this morning, writing: "Ill informed comments by Chief Minister were made in response to legitimate questions he had no answers to. Typical of him."

Senator Gorst also gave a statement to the Chamber explaining a new protocol for sharing information from the JFSC’s central register of beneficial ownership with UK tax authorities and law enforcement agencies.

In that statement he said that the new protocol was the result of months of negotiations, and that the Jersey authorities believed that the Island’s register was the most robust in the world – adding “Our leading position has been recognised by UK Ministers as well as internationally”.

Senator Gorst said: “The new agreement will introduce by June 2017 a new requirement for information to be provided within 24 hours and, when urgently required, within one hour.

“This is in response to a need for information without delay where terrorist activities are involved and is of particular significance in the light of recent events in Paris and Brussels. “We strongly support these new standards. The shared commitments highlighted in the documents are linked to the Action Plans on beneficial ownership transparency that followed the G8 summit at Lough Erne in May 2013.

“They are also seen as an important part of the preparations for the Anti-Corruption Summit that the UK is chairing in London on 12 May.”