Jersey SARS – States of Jersey Police & Customs Joint Financial Crimes Unit – Guide to compiling a Suspicious Activity Report (SAR) Introduction – This document has been produced to assist compliance and money laundering reporting officers within the Jersey Financial Services Industry in the submission of a SAR to the States of Jersey Police […]

The amendments that are proposed in this consultation paper will affect relevant persons carrying on trust company business. Chapter 2 of this consultation paper makes proposals to amend the current sector specific section for trust company business in the AML/CFT Handbook. Whilst a number of changes are summarised in this consultation paper, some of the […]

In the JFSC November 2014 REVISIONS the TCB Sector specific AML/CFT HANDBOOKS, CONSULTATION PAPER AML 4, 2014, the JFSC outline who the customers will be in 3 distinct service propositions and situations (acting as, providing services and formations) and as follows Acts 2.4.3.1 In the case of a relevant person that carries on trust company […]

The recent judgement of the Royal Court of Jersey in Nolan and others v Minerva Trust Company and others [2014] JRC078A is a wake-up call to offshore fiduciaries and corporate service providers: slavish loyalty to client requests can be a very costly mistake, if your client turns out to be a fraudster and the Court […]

The Group of International Finance Centre Supervisors (“GIFCS”) has issued a press release in which it has launched a new benchmark for the regulation of Trust and Corporate Service Providers (“TCSPs”), which can be viewed at: http://bit.ly/1rmSOZ9 The Jersey Financial Services Commission (the “Commission”) volunteered to be part of the GIFCS working group and contributed fully […]

A PTC is a company formed for the specific purpose of acting as a trustee of a single trust or group of related trusts. A PTC is an ideal structure, which provides a means by which a settlor (or his/her family) can retain a greater degree of control over their trust affairs without compromising the […]

The Jersey Financial Services Commission (the “Commission”) issued a public statement pursuant to Article 25(a) of the Financial Services Law with respect to directions issued to Mr. Garraway under Article 23 of the Financial Services Law. http://bit.ly/1x9h7y4 The possible reason for this public statement is reported in the AG-V-Garraway and Hamon case: http://bit.ly/1rqrokX    

The Labuan Financial Services Authority, on October 13, 2014, announced that it had signed a Memorandum of Understanding on cooperation with the Jersey Financial Services Commission last month, to foster improved collaboration on the regulation of the territories’ offshore financial services industries. The Labuan FSA said: “The MoU with JFSC is significant to [the] Labuan […]