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'Premier league' offshore centres at forefront of fight against laundering, lawyer says

Dec 03 2012 Martin Coyle, Regulatory Intelligence

The "premier league" offshore financial centres of Jersey, Guernsey and the Cayman Islands are at the forefront of the fight against money laundering, a conference has heard. Robert Shepherd, managing partner at Mourant Ozannes in Guernsey, said that the three jurisdictions were prominent in attempts to stop financial crime. "The premier league of jurisdictions are at the forefront…to stop fraudsters using offshore vehicles," he told delegates at the OffshoreAlert conference in London last week. Shepherd said there was increasing regulatory convergence among the top offshore centres, particularly in anti-money laundering legislation. He said centres like Jersey, Guernsey and the Caymans had broadly the same regulatory regimes. Firms on the three financial centres constantly "drilled down" their clients in both know your customer (KYC) and customer due diligence (CDD) checks, he said. Shepherd said he agreed that the tightness of the regimes had undoubtedly led to rises in the

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