Chief Minister Welcomes Enhanced Beneficial Ownership Information Exchange with The United Kingdom

Monday 3 July 09:02

The Chief Minister today finalised arrangements with the Jersey Financial Services Commission (JFSC) directing them to allow the Joint Financial Crime Unit (JFCU) of the States of Jersey Police and Customs enhanced access to beneficial ownership and control information held on the central registry of beneficial ownership at the JFSC. The enhanced access allows the police to fulfil their obligations under an important international agreement enhancing exchange of beneficial ownership information, known as an “Exchange of Notes”, signed in April 2016 with the Government of the United Kingdom in pursuit of the worldwide fight against financial crime.

The main objective of the Exchange of Notes has been to enhance the timely sharing of information between Jersey and the United Kingdom from the Jersey central register. Jersey has had such a register since 1989 and during that time Jersey has consistently cooperated with law enforcement and tax authorities around the world. The new arrangements will enhance the previous position by allowing the JFCU direct access to the central registry of beneficial ownership and allowing them to exchange information within 24 hours with UK law enforcement authorities, or in urgent matters, within 1 hour.

The Exchange of Notes with the United Kingdom comes into force today (30 June 2017) and follows a significant exercise in Jersey to update the register of beneficial ownership by all Companies between January 2017 and the end of June 2017; a direct outcome of the Government of Jersey’s enhanced beneficial ownership policy published in November 2016.

Senator Ian Gorst, Chief Minister commented:

“Jersey has for a long time been recognised by independent international bodies such as the World Bank and MONEYVAL as having a leading position concerning exchange of adequate, accurate and current beneficial ownership information with law enforcement and tax authorities. Our preparation for this agreement coming into force further justifies that leading position.

I would like to thank all of those Jersey companies who over the last 6 months who have re-confirmed their beneficial ownership and control information with the Companies Registry and the significant efforts of those staff at the JFSC who have been involved in receiving that information.

Along with the United Kingdom, as a responsible international finance centre, Jersey is absolutely committed to playing its part in the worldwide fight against financial crime.”

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