 As a result, Jersey was not part of the single market in financial services.It was not required to implement EU Directives on such matters as the movement of capital, company law or money laundering.However, the island's close proximity (135 km south) and its close association with the financial sector of the U.K. has come under increasing scrutiny in recent years, with several mainline publications (e.g., "The Wall Street Journal") labelling the island a tax haven.