During 2002, legislation modelled on the UK Human Rights Act 1998 will come into force in Guernsey and Jersey. This comes at a time when the islands’ finance industries have seen a vast growth in legislation aimed at governing their activities. The term ‘finance industry’ in fact covers a multitude of financial and fiduciary businesses including banking, asset management, professional trustee and company administration, captive insurance, offshore insurance and investment and the establishment and running of special purpose vehicles.
Such legislation has included the introduction of regulatory regimes, as well as rules to cover money laundering beyond its previously established areas of drug trafficking and
terrorism and greater mutual assistance to
foreign law enforcement agencies.
