The head of financial regulation in Jersey is calling for tougher measures to control corruption.
Jersey Financial Services Commission director general Richard Pratt says current controls do not go far enough, and has called for banks to investigate more fully the true owner of wealth and the source of transactions. He also called for an international clearing-house for information on suspicious transactions carried out by serving officials.
Pratt says: “Corruption is a terrible disease. Its victims are primarily the poor in the corrupt countries. It inhibits development, deters inward investment and diverts scarce resources away from their intended target and into the pockets of some undeserving members of the elite.”