Jersey is already cleaning up

The thrust of your article "Jersey aims to keep it clean" (The Lawyer 29 March) was that Jersey risked sending out messages that were compromising its integrity.

This theme appeared to be based on two propositions – that we were delaying action in response to allegations that the Russian Central Bank had improperly used a Jersey company to manage its funds, and that we had asserted we were unable to act or investigate the matter unless instructed by the Russian Regulators. Both propositions are totally wrong.

Far from delaying action, this Commission has made extensive enquiries into the allegations which are currently on going. Moreover it has initiated contacts with regulators and other authorities in many different countries, including the US, Russia and the UK. Although none of those contacts have as yet revealed any evidence of any wrong doing by the Jersey company, they demonstrate this Commission's firm determination to co-operate with other regulators in the fight against international financial crime.

Richard Pratt, director general, Jersey Financial Services Commission