The Chief Minister, Senator Ian Gorst, has proposed new legislation designed to stop creditors, including so-called ‘vulture funds’, from pursuing inequitable payments through Jersey’s courts. The Draft Debt Relief (Developing Countries) (Jersey) Law 201- was lodged today (1 October 2012).
The draft law aims to limit practices that could undermine international debt relief efforts. In so doing, Jersey would be demonstrating its commitment to play its part in the global effort, expressed in the UN Millennium Declaration, to support debt relief efforts intended to assist the world’s most heavily indebted poor countries.
Senator Gorst commented: “This law will send a clear and positive message that Jersey is committed to supporting international debt relief efforts, and that ours is a well-regulated, co-operative and transparent jurisdiction.”
To date, the UK is the only country in the world to have enacted a law to limit practices that could undermine international debt relief.