Two-tier fear?

[Sceptic]

51 minutes ago, The Phantom said:

Very interesting.  I suppose looking at the positives, we're not alone in dealing with a similar situation with our Kremlin (I'm going to start calling them that now).  

More interesting to note though is how Jersey appear to be fighting back against their Govt.  They forced out their Chief Minister earlier this year. Why can't we start doing this?

https://www.bbc.com/news/world-europe-jersey-68010439

 

The private sector drives the economy in Jersey. There’s no VAT agreement to comfortably sit back on so government is funded by direct taxation (ie, direct economic activity) and 40% of that is driven by the finance sector. The interesting point to me is the one about the lack of an appeal process except via a civil action against the regulator. So they can fine and disgrace people and publicly ban them from the industry for life and the only redress anyone has (when you have no job left and presumably no income) is to sue them via a £500 an hour Jersey Advocate in the Royal Court. I don’t think it’s any different here either. 

It definitely looks like fight back you would never see an article like that in a Manx newspaper. Nobody would have the balls to put it together. 

[Roger Mexico]

1 hour ago, The Phantom said:

More interesting to note though is how Jersey appear to be fighting back against their Govt.  They forced out their Chief Minister earlier this year. Why can't we start doing this?

https://www.bbc.com/news/world-europe-jersey-68010439

Because they have more politicians.  To have a vote against the Council of Ministers (you can't vote no confidence in individual Minister, even the Chief Minister) you need 13 votes in the Keys.  So 12 votes can block it and there's already 9 of those in CoMin.  You only need three backbenchers to support them.

Jersey in contrast has 49 member of the States but only 13 government ministers and the Chief Minister can be 'no confidenced' with 25 votes.  So you would need 12 backbenchers to support.  The figures in Guernsey are similar.

[The Phantom]

6 hours ago, Sceptic said:

Just seen that. It looks like our competitor Island is at least making a point. Would we ever see an article like this appear in the Manx press? It looks like Jersey has journalists who are prepared to get their hands dirty.

https://jerseyeveningpost.com/news/2024/10/03/is-the-jfsc-choking-the-golden-goose/

But over the course of several weeks, the Jersey Evening Post has investigated the JFSC, speaking to dozens of individuals who have encountered them as a regulator – and others who have worked on the inside. Most have painted a picture of an organisation that is at best remote and unaccountable, at worst evasive, opaque and vindictive. 

“They are a law unto themselves,” said one senior finance executive who asked to remain anonymous due to fear of reprisals.

That fear is a very real one within Jersey’s small and close-knit finance community, which employs over 15,000 people and contributes as much as 40% to the Island’s economy. With only a handful of exceptions, those who spoke to this newspaper demanded total anonymity and warned that the organisation had a proven willingness to silence those who criticised it. 

“If you want my advice it is to drop this. If you pursue them they will come after you,” one former finance executive told the JEP. “They will ruin your life like they ruined mine.”

 

This is one of the more interesting points and definitely something that I get the impression is required here:

"contrasts starkly with a lack of prosecutions for money-laundering offences, a criticism that was echoed in the recent Moneyval report on the Island’s finance industry, which called for the regulator to increase prosecutions."

I've been in the industry for approx 20 years and never seen any actual real money laundering going on.  Sure there have been a few tax dodgers but that's about it.  The closest I have seen to any potential real criminal activity have been a few enquiries for new business where something shifty appears to be going on upon digging into the source of the wealth, but they all got knocked back at the enquiry stage. 

If no one is money laundering through the offshore finance industry anymore (because controls are so effective) what exactly are we supposed to do to magic up these prosecutions they are demanding? 

 

[woolley]

6 hours ago, Sceptic said:

Just seen that. It looks like our competitor Island is at least making a point. Would we ever see an article like this appear in the Manx press? It looks like Jersey has journalists who are prepared to get their hands dirty.

https://jerseyeveningpost.com/news/2024/10/03/is-the-jfsc-choking-the-golden-goose/

But over the course of several weeks, the Jersey Evening Post has investigated the JFSC, speaking to dozens of individuals who have encountered them as a regulator – and others who have worked on the inside. Most have painted a picture of an organisation that is at best remote and unaccountable, at worst evasive, opaque and vindictive. 

“They are a law unto themselves,” said one senior finance executive who asked to remain anonymous due to fear of reprisals.

That fear is a very real one within Jersey’s small and close-knit finance community, which employs over 15,000 people and contributes as much as 40% to the Island’s economy. With only a handful of exceptions, those who spoke to this newspaper demanded total anonymity and warned that the organisation had a proven willingness to silence those who criticised it. 

“If you want my advice it is to drop this. If you pursue them they will come after you,” one former finance executive told the JEP. “They will ruin your life like they ruined mine.”

 

Thanks for the Jersey link. Brilliant piece of work. I don't think we have anyone in media here who could even write the text so coherently, let alone research it.

[Sceptic]

1 hour ago, The Phantom said:

If no one is money laundering through the offshore finance industry anymore (because controls are so effective) what exactly are we supposed to do to magic up these prosecutions they are demanding? 

Every piece of corrupt, filthy, questionable, scummy and more than likely money laundering activity I have ever seen in this Island has been through our hallowed and protected e-gaming license-holders who seem to have diplomatic immunity while others in mainstream financial services get massive fines and/or struck off for not ticking boxes.