The Islands are specialist global finance centres, with the financial services sector, in particular fiduciary services, a core pillar of their economy, comprising 40% of the workforce. The Islands are committed to sustainable finance, with Guernsey home to the world’s first regulated green fund regime and both Islands active supporters of technological innovation in the sector.
As major well-regulated financial centres, Guernsey and Jersey are significant net providers of capital to the EU economy where they are treated as Third Countries under EU financial services and related legislation. The Islands have negotiated limited market access as a third country on a case-by-case basis, for example in financial services, by being assessed as applying equivalent standards to those in the EU.
The Islands have a robust and internationally respected system of financial regulation, in particular as it relates to anti-money laundering measures and countering the financing of terrorism. The Islands are also well-regarded cooperative jurisdictions sharing the EU’s common cause to tackle tax evasion, fraud and aggressive tax avoidance. The Islands act in line with the UK on foreign policy and as such have implemented all sanctions deployed in relation to Russia.