All regulated finance firms in the banking, investment and trust sectors have been given a two-week deadline to tell Jersey’s regulator about any links that they have had with Mossack Fonseca – the law firm at the heart of the “Panama Papers” scandal.
The Jersey Financial Services Commission has written to every firm involved in banking, trust, investment and alternative funds, as well as all law firms and accountancy practices, asking whether they have reviewed their files for links to Mossack Fonseca.
They have been specifically asked whether any “Politically Exposed Persons” or PEPs have been involved in their work involving the Panamanian firm, and whether any issues of concern arose during their dealings with the firm.
The firms have also been told that if they have not conducted their own internal audits to find any engagement with Mossack Fonseca then they should tell the JFSC who decided not to undertake the audit, and at what level the decision was taken.
In a statement, the JFSC have said that their work since initial publication of the data shows “a relatively small number of relevant connections”, and that none show significant evidence of misconduct.
They also say that they want to have a clear idea of any potential issues that might require “further follow up, scrutiny or possibly in what it would anticipate to be rare cases a level of formal investigation”.
JFSC Director General John Harris said: “We realise that in a fast moving and demanding situation such as this, flexibility is required and two of the JFSC’s key objectives, are aiming to protect the reputation of Jersey in commercial and financial matters and in so doing pursuing the Island’s best economic interests.
“These aims will always guide our actions and we are monitoring the developing events very carefully and will take any appropriate action needed.”
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