The JFSC are coming in 2018 (as noted in the attached) so its time to revisit PPs on UBO and client assets. In particular the PPs (including checklists) on such matters as monitoring, on-boarding, file reviews, trigger events, etc. The following thematic examinations have been identified and will be undertaken by the Jersey Financial Services […]

Jersey Court will not assist those who have failed accurately to disclose beneficial ownership interests to the financial services regulator. The following case and judgement shows the Jersey Court will not use its equitable jurisdiction to assist those who have failed accurately to disclose beneficial ownership interests to the financial services regulator. The case: (Al […]

On 20 June 2016, HM Treasury published an updated list of countries supporting the initiative to automatically exchange information on beneficial ownership. Recent signatories include India and Colombia and, at the time of publication, the total number stands at 42. Jersey is committed to the initiative and was one of the original supporters of the […]

Jersey is recognised by international standard setters as one of the best regulated finance jurisdictions globally and its authorities have full knowledge of the beneficial owners of all Jersey companies, according to Geoff Cook, CEO Jersey Finance. He welcomed moves for greater transparency and called on other locations that had not done so to introduce […]

The fight against money laundering and corruption has made financial transparency a global priority, meaning it is critical that we know who we are doing business with. Entering into a contract or business relationship with a company without full knowledge of beneficial ownership, past or present, introduces significant risk to an organization.  Even an unwitting […]

Earlier this week, the Dutch Finance Minister, Mr Dijsselbloem, announced that the government would make the upcoming register of beneficial ownership, the so-called UBO-register, open to the public. This is in line with what the majority of parliament voted for in March 2014, and means the Netherlands will join a growing list of countries that have […]

Bipartisan legislation would help stamp out corruption, money laundering and tax evasion by curbing use of anonymously-owned companies in America  Washington, DC – The U.S. Congress today introduced bipartisan legislation in response to a groundbreaking undercover investigation by advocacy group Global Witness. The exposé, which aired on CBS’ 60 Minutes and was covered by the […]

Anyone who has ever been tasked with this responsibility knows just how complex it can be to identify UBO information. Unfortunately today, there is no central database where this information exists, and most governments do not even require the information to be captured when a company is registered. Despite that, UBO information can many times […]