JFSC draft rules for Enhanced measures that might be applied in order to address the risk that is presented by specified customers The following shows Extracts from the NEW Section 7 of the JFSC draft AML/CFT Handbook – It should be noted that there will be an opportunity to make submissions on these proposed measures […]

In order to address recommendations made by the International Monetary Fund and comments made by MONEYVAL in relation to the application of customer due diligence measures In June 2014, the Commission issued Consultation Paper No. 3 2014: Revision to the Money Laundering (Jersey) Order 2008 (the Consultation Paper), to seek views on a number of […]

The decision in Barclays v Equity related to: the nature of unit trusts; the legal status of managers and trustees of unit trusts; and the basis of claims against them by a successor trustee and successor manager. Read the judgement = http://bit.ly/1r3R78h Facts The new trustee and manager issued an order of justice against the former trustee and […]

On June 6 2014 draft primary legislation to provide the Jersey Financial Services Commission (JFSC) with the power to impose civil financial penalties for material contraventions of the codes of practice and the Anti-money Laundering and Counter-terrorist Financing Handbook was published. Who will be affected? All entities registered under the Banking Business (Jersey) Law 1991, […]

The draft legislation to establish an ombudsman scheme in Jersey was approved by the States of Jersey on 1 April 2014. It is therefore expected that the Ombudsman will be operational in Jersey before the end of 2014. http://bit.ly/1ybUdLh the draft law proposes to allow the Ombudsman to consider complaints arising from 1 January 2010 […]

Suspicious? Be careful who you tell! Changes to the Jersey tipping-off rules are coming shortly. You will all be familiar with the long-standing provisions against ‘tipping off’ in relation to a suspicious activity report, which is an offence if it is likely to prejudice a current or proposed police investigation. You may also be aware […]

ppendix 1 Consultation Paper No.2 2014 – Civil penalties: Draft Primary Legislation Response from Bedell Cristin Dear Mr Byrne Consultation Paper No. 2 2014 Civil Penalties: Draft Primary Legislation This response is divided into (A) points of substance having regard to a number of principles; and (B) detailed comments. A. Points of Substance 1. It […]

The following text is extracted from the letter sent by Jersey finance to the JFSC in response to JFSC Consultation Paper No. 2 2014 – Civil Penalties: Draft Primary Legislation (see link below or attached for full and complete text) We refer to JFSC Consultation Paper No. 2 2014 – Civil Penalties: Draft Primary Legislation […]