Many financial services businesses in Jersey ( “relevant business or businesses”) which are subject to the requirement to carry out due diligence on their customers under the Money Laundering (Jersey) Order 2008 (“MLJO”) have historically placed a considerable measure of reliance on being able to operate a simplified due diligence process. This process is in respect of […]

Activists and politicians tout beneficial registries as a solution to the perceived abuse of anonymous company ownership. Stephen Baker and Charlie Sorensen of Baker & Partners contend that kleptocratic dictators and sophisticated fraudsters won’t be impeded by such registries. The authors explain how existing civil laws have proven effective in seizing ill-gotten gains. Recent high-profile […]

The Jersey courts consider legitimate tax avoidance and illegitimate tax evasion when seizing assets Introduction 1.The Jersey Court to confiscate drug offender’s money after-tax evasion confession [08 August 2019]. A 57year-old convicted drug offender could see up of £33,804 of savings seized by Jersey authorities, despite successfully arguing that the money was not the proceeds […]

Revised AIC Code of Corporate Governance for certain Guernsey and Jersey companies Principal changes in the revised AIC Code of Corporate Governance are relevant for boards of directors of certain Guernsey and Jersey companies A New Environment 1. There is now just one AIC Code which covers UK, Guernsey and Jersey member companies. 2. Principal […]

A LEADING businessman has said Brexit will have limited impact on the Island’s finance sector, but could make our fishing industry vulnerable. Sir Mark Boleat, former chairman of the City of London Policy Committee, Jersey Development Committee and the Channel Islands Competition and Regulatory Authorities, was in the Island for the International Banking Forum, Future […]

The Sanctions and Asset-Freezing (Jersey) Law 2019 (“SAFL”) was passed by the States Assembly on 6th December 2018, sanctioned by Privy Council on 13th March 2019, and registered in the Royal Court on 22nd March 2019 and came into force 3rd July 2019 To read the report please click here The Sanctions and Asset-Freezing (Jersey) […]

Read the JFSC Annual Report 2018 here, and the contents index is shown here:  Highlights & achievements  p.01 –  02 Jersey Financial Services Commission: our role 03  –  08 Vision from the top:  Chairman’s statement    09 –  14 A smart outlook:  Director General’s statement     15 –  18 Business review  19 – 64 Charting change  23  –  3 0 Policy  35  –  38 Supervision 39  […]

Trust and company service providers (TCSPs) are involved in a wide range of services and activities for their clients. These services include: acting as a director or secretary of a company or similar position, providing a registered office or business address for a company, acting as trustees of an express trusts, among others. Not all […]