Both islands were congratulated for preventing money laundering

Representatives from the International Monetary Fund (IMF) spent some time on both islands last year and have published their findings.

The team of experts from the IMF examined how well the islands regulated financial services and prevented money laundering.

Both islands were congratulated on their work.

International standards

The report on Jersey said it had a comprehensive legal framework and supervisory structure which worked well within international standards.

However, it said it would need strengthening further.

It also said the Financial Services Commission needed greater independence from the island's States and should carry out more inspections among Jersey's financial institutions.

Jersey's Policy and Resources president, Senator Frank Walker, said the exercise demonstrated Jersey's high degree of compliance with international standards.

The IMF congratulated Guernsey on its finance regulation and rules to combat money laundering and terrorism.

The president of the Advisory and Finance Committee, Deputy Laurie Morgan, said the assessment was good for Guernsey as it reinforces its high international reputation.