Guernsey has been ranked 19th in the latest
Global Financial Centres Index (GFCI).
It is produced by the Z/Yen Group for the City of London and
ranks financial centres based on external benchmarking data and
current perceptions of competitiveness.
"Achieving such an impressive rating from what is a
respected authority is a major endorsement of Guernsey as a
leading international finance centre," said Peter Niven,
Chief Executive of GuernseyFinance – the promotional
agency for the Island's finance industry.
"This is recognition of how Guernsey's 50 years
experience in providing financial services has helped build on
the Island's hallmarks of professionalism and innovation to
grow an industry with a first class infrastructure and wealth
of expertise that are the foundation of our continued
"Indeed, the Island's broad-based finance industry
is firing on all cylinders: banking deposits have reached new
record highs; the fiduciary services sector boasts significant
numbers of providers with between £200 and £300bn
worth of assets in trust; Guernsey is still the number one
domicile in Europe for captive insurance; and our investment
funds industry is booming.
"Moving into the top 20 of the world's financial
centres is a great accolade that gives us yet another boost as
we look to grow our business throughout 2008."
In the two previous such reports Guernsey was ranked jointly
with Jersey under the banner of the Channel Islands. GFCI 2,
published in September last year, placed the Channel Islands
23rd and despite several new entrants for GFCI 3
Jersey has been ranked 16th with a rating of 607 and
Guernsey's rating of 603 saw it ranked in 19th
"This new ranking system rightly reflects the fact that
we are separate jurisdictions and this is a much fairer
approach because it allows each to be judged on our distinct
strengths and according to how we are recognised by
clients," added Mr Niven.
Both were ahead of traditional competitor jurisdictions such
as the Isle of Man (21st), Dubai (24th),
Cayman Islands (25th), Gibraltar (26th),
British Virgin Islands (27th) and Hamilton in
Many people are baffled by trusts, the purpose of which they don't fully comprehend. Some even regard them with suspicion, as tools of of opaque tax evasion strategies of a type favoured by wealthy individuals.
We were recently instructed by a Bank in relation to a regulatory matter. The Bank had made a suspicious activity report to the Financial Investigation Unit ("FIU") due to their concerns about the potential source of funds in an account.
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