Editing Economy of Jersey (section)

=== Financial and legal services ===
{{Main|Financial services in Jersey}}
[[File:International Finance Centre, Saint Helier.jpg|thumb|International Finance Centre]]
Jersey-based financial organisations provide services to customers worldwide. In December 2020, it was reported that there were 13,510 jobs within this sector.<ref name=":1">{{Cite web|title=Jersey Labour Market Statistics|url=http://www.gov.je/Government/JerseyInFigures/EmploymentEarnings/Pages/LabourMarket.aspx|access-date=2020-12-11|website=gov.je|language=en|archive-date=2021-01-20|archive-url=https://web.archive.org/web/20210120230043/https://www.gov.je/Government/JerseyInFigures/EmploymentEarnings/Pages/LabourMarket.aspx|url-status=live}}</ref> The finance sector profits were about £1.18 billion in 2015.<ref>{{Cite web|title=Government of Jersey: Financial Services Unit|url=http://www.gov.je/Government/Departments/OfficeChiefExecutive/OfficeChiefExecutivesSections/Pages/FinanceIndustryDevelopment.aspx|access-date=2020-12-11|website=gov.je|language=en|archive-date=2020-11-23|archive-url=https://web.archive.org/web/20201123225217/https://www.gov.je/government/departments/OfficeChiefExecutive/OfficeChiefExecutivesSections/Pages/FinanceIndustryDevelopment.aspx|url-status=dead}}</ref>

Jersey is one of the top worldwide [[offshore financial center]]s<ref>{{cite web|url=http://www.zyen.com/GFCI/GFCI%208.pdf|title=The Global Financial Centres Index 8|publisher=[[Z/Yen]]|year=2010|access-date=2012-09-15|archive-url=https://web.archive.org/web/20101011091643/http://www.zyen.com/GFCI/GFCI%208.pdf|archive-date=2010-10-11|url-status=dead}}</ref> It has been criticised for its tax practices, with many calling the island a [[tax haven]].<ref>{{cite news|first=Nick|last=Mathiason|date=2007-11-03|title=Jersey is a tax haven|newspaper=[[The Guardian]]|location=London|url=https://www.theguardian.com/business/2007/nov/04/4|access-date=2021-05-28}}</ref> It attracts deposits from customers outside of the island, seeking the advantages such places offer, like reduced tax burdens. In 2020, [[Tax Justice Network|Tax Justice]] ranked Jersey as the 16th on the [[Financial Secrecy Index]], below larger countries such as the UK, however still placing at the lower end of the 'extreme danger zone' for offshore secrecy'.

However The [[International Monetary Fund]] (IMF), the Organisation for Economic Co-operation and Development (OECD) and the European Union (EU) have all endorsed Jersey as a top international finance centre. In 2017's OECD Rating, Jersey scored top marks from the OECD on tax transparency, receiving a "fully compliant" rating and as recently as 2019 The European Council of Finance Ministers (ECOFIN) have formally confirmed Jersey a Co-operative Jurisdiction. In addition, a MONEYVAL Assessment by the Council of Europe rated Jersey compliant or largely compliant in 48 of their 49 assessment areas, the highest score amongst all states [https://www.jerseyfinance.je/our-work/jerseys-transparency-timeline/ assessed] {{Webarchive|url=https://web.archive.org/web/20210610122310/https://www.jerseyfinance.je/our-work/jerseys-transparency-timeline/ |date=2021-06-10 }}.

In the fourth quarter of 2020, the total value of banking deposits held in Jersey decreased from £137.8bn to £131.6bn while the net asset value of regulated funds under administration increased by £12.6bn to £378.1bn. There were 33,626 live companies on Jersey's register.

Jersey shares [[The International Stock Exchange]] (TISE) with [[Guernsey]], where it is based.<ref name=":3">{{Cite web|title=Channel Islands Stock Exchange|url=http://www.cisx.com/content.php?pageid=273|url-status=dead|archive-url=https://web.archive.org/web/20090314013139/http://www.cisx.com/content.php?pageid=273|archive-date=2009-03-14|access-date=2009-03-07}}</ref>