The report looks at the following compliance matters 1. Handbook for the prevention and detection of money laundering and the financing of terrorism (“the AML handbook”) 2. Jersey Financial Services Commission (“the Commission”) Financial Services (Jersey) Law, 1998, (“the Law”) This report in the form of a letter outlines some observations arising from the on-site […]

On the 14 April 2014 The Jersey Financial Services Commission (the “Commission”) issues this public statement pursuant to Article 25 of the FS(J)L against Herald Trust Company Limited and affiliated members, namely: Herald Management Services Limited; Herald Trustees Limited; Herald Employment and Recruitment Services Limited; Herald Sports & Entertainment Limited; Herald Corporate Director (No 2) […]

Jersey employment professionals had the opportunity to discuss honesty and integrity in the context of the workplace at a recent Carey Olsen conference. Carey Olsen’s employment law specialist Huw Thomas led a team of guest speakers including Jersey Financial Services Commission (JFSC) director of enforcement Barry Faudemer, Norton Rose Fulbright employment law partner Catrina Smith, […]

The Following Was Reported In the Jersey Evening Post on 27/May/2014 – Island’s authorities have been accused of failing to take action against a Jersey owned company which allegedly helped to fund the illegal purchase of African gold linked to war crimes. International pressure group conflict Awareness Project, founded by former UN investigator Kathi Austin, […]

1.  The traditional attitude to tax avoidance is encapsulated in the judgement of Lord Tomlin in the English case of IRC v Duke of Westminster (1936): “Every man is entitled if he can to arrange his affairs so that the tax attaching under the appropriate Acts is less than it otherwise would be. If he […]

On Tuesday 15 July 2014 – a seminar is being held to promote communication between the U.S. SEC staff and industry participants in the Channel Islands on compliance issues of relevance to Investment Advisers and Collective Investment Funds. The training will provide an overview of the SEC’s regulatory framework over Investment Advisers, including Advisers to […]

1.  The following was reported in the Jersey Evening Post on Saturday 24th May 2014 – a.  A 55 year old woman has admitted stealing more than half a million pounds from clients of the investment company that she worked for. b.  Patricia Ann Lomas appeared in the Royal Court yesterday to plead guilty to […]

1.  Investigators allege a Jersey company was involved in selling gold it claims was sourced from a group connected to militia in the Democratic Republic of Congo (DRC) 2.  Swiss refiner ‘laundered DRC gold’ 3.  Jersey financial regulators and the police have been accused of failing to act against a firm allegedly involved in moving […]