As at writing (28th June 2019), the JFSC has not issued a civil fine – however the JFSC claim to have issued a TCB  with Civil Penalty warning. After issuing the warning, they first wanted a reporting professional to provide an independent report on the state of the TCB systems and controls. The result of the report was a positive […]

Jersey firms are warned to review their procedures within their businesses relating to probate procedures. In the recent case of The Attorney General v Abu Dhabi Commercial Bank PJSC, Jersey Bank, the Royal Court found a bank guilty of committing a criminal offence and fined the bank for not obtaining the necessary authorisation before transferring […]

As highlighted earlier by Comsure https://www.comsuregroup.com/jersey-trust-named-in-non-disclosed-dotas-scheme-during-hmrc-victory-against-tax-avoidance-promoters/ HMRC won £40 million battle against tax avoidance promoters – HM Revenue and Customs has won a legal case over tax avoidance scheme promoter Hyrax Resourcing Ltd, which will help the tax authority collect over £40 million in unpaid taxes. Unfortunately, the scheme relied on an offshore trust in […]

KENYAN director of Public Prosecutions Noordin Haji is set to make a trip to the Island of Jersey over the fraud and money laundering case against ex-Nambale MP Chris Okemo and former Kenya Power and Lighting Company Chief Executive Samuel Gichuru. The two are accused of abusing their offices by using proxy companies to squander […]

The following may be of interest and a good time to refresh on the “Substance” issues and requirements General matters 1. In the General Secretariat’s report published yesterday, each of the Cayman Islands and the BVI were recognised for their cooperation and positive dialogue in respect of their economic substance requirements, and remain committed to […]

THE finances of Jersey Mutual Insurance Society are being investigated by the police after ‘potential fraudulent activity’ spanning a number of years came to light. On Thursday, the organisation, which has served the Island for just under 150 years, sent a letter to all of its members informing them of the situation and confirmed that […]

THE government did not comply with the law when it attempted to withhold information on chief executive Charlie Parker’s employment contract, the information commissioner has said. In a decision announced yesterday afternoon, the information commissioner, Dr Jay Fedorak, said that the Chief Minister’s Department had made an unauthorised attempt to stop information on Mr Parker’s […]

Information Commissioner Jay Fedorak looks at the state of play since the new rule on data protection came into force in May. It has now been six months since the implementation of the new Data Protection (Jersey) Law 2018 came into force, incorporating the new European Data Protection Regulation (GDPR). This new initiative brings data […]