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Guernsey looks to boost financial services ties with the USA

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Guernsey’s Chief Minister, Jonathan Le Tocq, has held a series of meetings in Washington to boost the Island’s reputation as a leading international finance centre.

A week after Guernsey and the USA signed an asset sharing agreement, the Chief Minister met with officials from the Senate Foreign Relations Committee, the American Bankers Association (ABA) and the Securities Industry and Financial Markets Association (SIFMA). 

Dominic Wheatley, Chief Executive of Guernsey Finance – the promotional agency for the Island’s finance industry, says: “Guernsey’s finance industries have long had strong links with the USA and we very much welcome the Chief Minister’s visit. Reinforcing these established connections provides a solid foundation on which to build and there are some exciting opportunities for the future. 

“The Chief Minister’s work is important in ensuring that Guernsey’s commitment to global international standards of regulation and transparency is recognised in the US and subsequently opens the door for new business opportunities.

“These include investment funds and Insurance Linked Securities and a team led by Guernsey Finance will be attending SIFMA’s ILS conference in New York at the end of this month.”

The asset sharing agreement was signed on behalf of Guernsey by HM Procureur, Howard Roberts, and Kenneth A Blanco, the Deputy Assistant Attorney General in the USA Department of Justice, in Guernsey on 27 January. The benefits of such an agreement include the ability to set clear guidelines and apply a consistent approach to asset sharing rather than on a case by case basis. This year Guernsey has the Presidency of the Camden Assets Recovery Inter-agency Network (CARIN). 

The Chief Minister says: “Guernsey has an excellent track-record of partnership with the USA. For example, we partner with their authorities on shared objectives such as combating financial crime and the funding of terrorism, and on asset freezing, asset recovery and the effective implementation of international sanctions. 

“Guernsey and the USA have shared interests in international growth and prosperity and I was pleased that those I met with understood that Guernsey's finance sector has a strong role to play in that. It was very useful to reinforce the message that Guernsey is a mainstream international finance centre built on quality and stability, and that we have a political, business and regulatory commitment to meeting the highest international standards. 

“It was encouraging to note increasing recognition of our global expertise in key areas such as captive insurance, and I was also pleased to have the opportunity to explain our unique status as a Crown Dependency with a strong growing international identity, and as a friend of the USA.”

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