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Jersey represented at World Bank meetings

07 October 2016

Jersey’s Assistant Chief Minister with responsibility for Financial Services, Digital, Competition and Innovation, Senator Philip Ozouf, is in Washington DC to represent the Island at the International Monetary Fund (IMF) and World Bank Group annual meetings.

Senator Ozouf, as a member of the British delegation, has attended the Annual Commonwealth Ministerial meeting on financial services matters. The meeting addressed the Commonwealth’s involvement with recent initiatives in international tax transparency, including on beneficial ownership information, where Jersey is regarded as a world leader having had a Register since 1989. 

During the rest of the summit, which lasts until Sunday 10 October, Senator Ozouf will hold a number of meetings, including with: Baroness Scotland, the Secretary-General of Commonwealth; Ministerial counterparts from Kenya, Nigeria and Rwanda; and a number of senior global executives of banks that are represented in Jersey such as HSBC, Standard Bank, and UBS.

This year’s summit is being attended by several thousand delegates and will include plenary discussions with global financial leaders such as IMF Managing Director Christine Lagarde, Central Bank Governors from around the world including Bank of England Governor Mark Carney, and a significant number of the world’s leading Finance and Financial Services Ministers including the UK Chancellor of the Exchequer Philip Hammond and German Finance Minister Wolfgang Schäuble.

Several of the world largest financial institutions are represented by their CEOs, including RBS Chairman Sir Howard Davies, whose Jersey subsidiary RBSI is the Island’s largest institution by employee and is showing strong growth. 

Senator Ozouf will also attend the Institute of International Finance (IIF) annual conference, where discussions will range from the economic outlook of frontier markets to the impact of BREXIT on the financial sector.

Senator Ozouf said “This is the fifth year I have participated in the IMF and World Bank annual meetings, which is one of the largest global gatherings of top decision-makers in the field of finance, trade, economics and business services.

“It is a unique opportunity to meet government ministers, central bank governors, international regulators, senior industry executives and standard setters. Jersey’s presence and active participation at this globally significant summit demonstrates the strength of the Island’s reputation as a growing, high-quality, well-regulated financial and professional services centre.”

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