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Jersey's government and the island's financial watchdog have signed a document of mutual understanding.
The Economic Development Committee can now advise the Financial Services Commission (FSC) in some circumstances.
It follows concern from the International Monetary Fund that the powers of the committee to advise the FSC could affect its independence.
It means the committee can only get involved when circumstances make it necessary in the public interest.
The FSC said it will continue to work to fight against financial crime in the island and both parties say they will continue to act in the island's best economic interests.
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