The Jersey Financial Services Commission (the “Commission”) has issued a public statement [PS] in respect of its investigation into Horizon Trustees (Jersey) Limited (“HTJL”) and a number of associated individuals, namely Mr Andrew Treharne, Mr Daniel Nodding and Miss Julie McClafferty, whose cases have now concluded. In this PS the JFSC also state that one […]

Jersey has become the first jurisdiction in the world to successfully establish a regulator-approved Bitcoin investment fund, and has set out rules on the taxation of cryptocurrencies. The open-ended fund is due to launch on August 1, 2014. Jersey’s Comptroller of Taxes has stated that Jersey’s income tax provisions on foreign exchange activities will apply […]

Comsure expert warns Cartels will face big fines… read more https://archive.comsuregroup.com/wp-content/uploads/2014/07/JEP-Article.pdf https://archive.comsuregroup.com/archive/

The Omnibus Law responds to a MoneyVal comment, by changing the existing offence of ‘failing to disclose suspicious transactions’ into a positive obligation that you ‘must make a disclosure’. Further it aligns the tipping off provisions in POCL and TJL and, importantly, removes the qualification referring to tipping off that might prejudice an investigation – […]

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. The draft law proposes to allow the Ombudsman to consider complaints arising from 1 January 2010 (as […]

On the 11th June The Deputy Chief Minister approved the draft Proceeds of Crime and Terrorism (Miscellaneous Provisions) (Jersey) Law 2014 (Appointed Day) Act 201- (the “Appointed Day Act”) for lodging and directed that the documents should be lodged au Greffe for debate by the States at the earliest opportunity. Reason(s) for Decision: The Appointed […]

Jersey recognizes the risk that the simplification of CDD measures may present, as well as the inherently higher level of risk that may be found in some customer relationships in international financial centres. In line with the recommendation made by the IMF, the insular Jersey authorities have reviewed provisions in Articles 16 and 17 of […]

MONEY LAUNDERING (AMENDMENT No. 6) (JERSEY) ORDER 2013 has introduced concept of obliged person – The following outlines the new rules as simply as possible!!! Stage 1 –  Definitions “Obliged person” has the meaning in Article 16(1);   “Regulated business” means a FINANCIAL SERVICES BUSINESS in respect of which a person – is registered under […]