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Jersey reinforces corruption regulations

The Jersey Financial Services Commission is reinforcing its regulations designed to prevent overseas officials from using Jersey to conceal assets acquired through abuse of public position.

The Commission has issued a strongly worded enforcement notice to all financial institutions based on the island, advising directors and administrators of regulated banks, fund and portfolio managers and trust funds to review all their accounts relating to public figures.

Commission director-general Richard Pratt says: “We are consulting on new legislation that will require all financial institutions to verify the identity of all customers who opened accounts before July 1, 1999, as required for accounts opened after that date.”

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India budget: BJP focuses on growth

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