Jersey Completes Multi-Jurisdictional Review of Exchange of Notes on Beneficial Ownership

Monday 30 April 09:39

The Chief Minister of Jersey, Senator Ian Gorst, has presented a report to the States Assembly confirming that the Island has cooperated fully in a review of the arrangements for the Exchange of Notes on Beneficial Ownership between the United Kingdom, Crown Dependencies and Overseas Territories.

Jersey’s participation in this process follows a commitment made in 2016 between the UK, six of the Overseas Territories, and all of the Crown Dependencies to enhance the effectiveness of law enforcement cooperation through the sharing of beneficial ownership information.

Jersey was fully involved in this review, during which time all participating authorities in Jersey and the UK reiterated their commitment to the effective operation of the Exchange of Notes with the aim of exchanging adequate, accurate and current information on beneficial ownership to help combat tax evasion, money laundering and corruption.

This review, and the Exchange of Notes arrangements, builds on many years of co-operation between Jersey and the United Kingdom in the exchange of information on beneficial ownership of legal entities and legal arrangements.

After signing the Exchange of Notes in 2016, the Government of Jersey took the decision to refresh the Island’s long-standing central register of beneficial ownership information, along with the introduction of a requirement to update the register within 21 days of a change of beneficial ownership. This has ensured that the most adequate, accurate and current information is able to be exchanged quickly with the relevant law enforcement and tax authorities, in pursuit of the worldwide fight against financial crime.

Click HERE to read the Report to the States Assembly.

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