The Jersey Financial Services Commission (JFSC) has issued a press statement following the recent ransomware campaign relating to version 2 of the “WannaCry” malware which experts are describing as “the biggest ransomware outbreak in history”, affecting more than 200,000 victims in over 150 different countries. The statement says The JFSC has been working over the […]

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A Double Taxation Avoidance Agreement (DTAA) between Mauritius and Jersey was signed on 3 March 2017 in London. The Agreement provides for double taxation which is an impediment to cross-border activities to be eliminated. The signatories were the High Commissioner of Mauritius to the United Kingdom and Northern Ireland, Mr Girish Nunkoo, and the Minister […]

The SEC have Charged Two Former Och-Ziff Executives With FCPA Violations, and in doing so, it is claimed that Jersey, Guernsey and Maltese entities were used in Libyan government bribes. The following is shown in the SEC complaint:- Agent 1 also used portions of the $2.25 million installments to direct payments to Libyan Government Official […]

The founder and managing director of defunct Jersey-based IFA firm Lumiere Wealth, Christopher Byrne, has appeared in court for the fourth time and been granted bail. Byrne, aged 48, faces four charges relating to alleged actions he took during his dealings with clients and regulators. Lumiere Wealth was ordered to be wound up by the […]

Jersey has been removed from Portugal’s blacklist, due to “transparency and cooperation”. Blacklists are compiled to exclude counties or bodies which are deemed uncooperative in fighting fraudulent, illegal or criminal activity. The Portuguese Minister of Finance, Mario Centeno, signed a degree at the end of 2016 to take Jersey off their list. It’s partly due […]

BACKGROUND In Jersey, all companies and limited partnerships require consent from the JFSC to issue shares or create partnership interests (a COBO Consent) AND With effect from 1 January 2017; these COBO Consents are changing to facilitate the maintenance of the JFSC’s register of beneficial owners. WHY THE CHANGE? Jersey Government has agreed with the […]

Jersey’s financial services regulator, the Jersey Financial Services Commission, says it will proceed with its proposal to increase registry fees. The fee for annual returns for companies and the annual administration fee for partnerships (except for Limited Liability Partnerships (LLPs)) and foundations will rise from GBP150 (USD183) to GBP210 when submitted on paper. Submissions through […]