The crown dependency of Jersey is aiming to increase on-site inspections of firms by up to 25 percent, said the Jersey Financial Services Commission, the island's banking watchdog. In addition, harsher rules on the financial sector would be implemented if demanded by international regulation.
The island is a popular jurisdiction for structuring financial transactions due to the absence of income tax on many transactions, although it is not on the black list for uncooperative tax havens issued by the Organization for Economic Co-operation and Development.
STORY: Jersey Bank Watchdog to Ramp up On-Site Visits, Reuters (Mar. 3, 2009)