The issue of the ‘no consent’ regime in Jersey has recently been considered in the Jersey courts as part of an application to judicially review and quash the decision of the JFCU to refuse to consent to the normal operation of a bank account. Judgement say This is an application to judicially review and quash […]

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 […]

Berge Gerdt Larsen (read here for some background https://www.ardentchambers.com/howard-sharp-qc-secures-larsen-and-volaw-tiea-judgment-in-jersey-court-of-appeal/) is back in the Jersey courts, and in reading through the judgements, there are some interesting revelations (under oath) about the behaviour of Jersey directors. In the reported judgement [click here https://www.jerseylaw.je:443/judgments/unreported/Pages/%5B2019%5DJRC040.aspx] the following is cited Mr Larsen was convicted of aggravated tax fraud using offshore […]

Marking 20 years since the Jersey Financial Services Commission (JFSC) was established, the Island’s financial regulator says it’s confident it can face new challenges posed by a changing global financial environment. Unveiling its annual business plan and budget to more than 300 members of Industry on 17 January, the JFSC will set out its objectives and priorities for […]

The Jersey Financial Services Commission (JFSC) and the Joint Financial Crimes Unit (JFCU) have today issued a warning to Islanders and businesses following authorities receiving reports of intimidating ransom emails, where the recipient or their family’s lives are threatened. The emails are likely to be fraudulent and are threatening that people need to make a Bitcoin payment in […]

The JFSC has prepared and issued UPDATED Codes of Practice THAT will come into effect on 21 March 2018. Revised versions of several of the Codes of Practice will come into effect on 21 March 2018 as shown below. A track change version of each Code that has been revised can be viewed by clicking […]

The Jersey Financial Services Commission (JFSC) issued a press release in March 2017 explaining that it would be undertaking a review of Professional Indemnity Insurance (PII) arrangements in place within Jersey’s finance industry. Having adequate PII in place is a regulatory requirement for licensed entities, and this is of particular importance due to the lack […]

The JFSC are coming in 2018 (as noted in the attached) so its time to revisit PPs on UBO and client assets. In particular the PPs (including checklists) on such matters as monitoring, on-boarding, file reviews, trigger events, etc. The following thematic examinations have been identified and will be undertaken by the Jersey Financial Services […]