Jersey has weathered the storm caused by the Panama Papers revelations, Ogier corporate finance lawyer Richard Daggett has told Property Week in their latest feature on the Channel Islands.
Richard – who was made a partner last November – said that the high standard of regulation in Jersey compared to Panama meant that the two offshore centres were seen very differently by clients and intermediaries. He says that the level of regulatory oversight in Jersey means that clients know that they will not be tarred with the same brush as those caught up in the initial Panama Papers coverage at the beginning of April.
The stories concerned a leaked database of clients of Mossack Fonseca, a Panamanian law firm and corporate services provider, and revealed some of the offshore holdings of many current and former politicians and their families. But Richard – who works in Ogier's corporate finance team - said that the authorities and industry in Jersey had worked diligently over many years to ensure that standards of regulation and compliance meant that the Island's industry was not just clean, but also that it was seen to be clean by international bodies and regulators.
He said: "It's not as if we've suddenly turned the ship around. For years we have been consistently recognised as being highly compliant with international standards, which is a good way to differentiate yourself when things like Panama Papers are filling the papers. I do a lot of work in the real estate space and I found very little nervousness from our clients.
"People are very much of the view that what happened with Panama was not something they would associate with Jersey. In terms of deals, actually it's had a surprisingly limited effect."
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