‘DIRTY money’ from around the world is being funnelled through Jersey to avoid public scrutiny, according to a senior British politician campaigning to improve transparency. Dame Margaret Hodge MP has launched a stinging attack on the Island’s government and finance industry for failing to make its beneficial ownership register public. Jersey, like other Crown Dependencies, […]
Read MoreGuidance for trustees faced with requests for disclosure from a beneficiary and other Trust Essentials
Jersey’s Royal Court provides guidance to trustees faced with requests for disclosure from a beneficiary The Royal Court of Jersey, in the recently handed down judgment in M v W Limited & Ors: [2017]JRC168A, has provided useful guidance for trustees in circumstances, outside the context of discovery in adversarial litigation, where a beneficiary of a […]
Read MoreBeneficial Ownership Information – Jersey Companies, mainly local residents (Non TCSPs)
Changes The Companies Registry at the Jersey Financial Services Commission (JFSC) is making changes to the way the Companies Registry collects information concerning beneficial ownership and control (BO). From 1 January 2017 onwards, we will require companies and partnerships registered at the JFSC to complete a C17S form detailing current beneficial ownership and control by […]
Read MoreFINCEN’s final rule on Customer Due Diligence for financial institutions catches up with FATF but leaves material gaps with the EU
On 11 May 2016, the US Financial Crimes Enforcement Network (FinCEN) published its long-awaited final rule on customer due diligence (CDD) requirements for financial institutions, as a result of a 4-year drafting and consultation process started in the wake of the Financial Action Task Force’s (FATF) 2012 revision of its 40 Recommendations. The requirements focus on […]
Read MoreTransparency International Calls For Immediate Action by World Leaders to Stop Secret Companies
A global investigation into the use of secret companies by the rich, powerful and corrupt has shown how a network of lawyers, bankers and others around the world hide illicit wealth. Transparency International calls on the international community to act immediately to adopt transparency laws to outlaw secret companies. The Panama Papers, a massive leak […]
Read MoreAfter the legendary Vanagels and Gorin, a new generation of nominee directors has born
They play a key role in maintaining the secrecy of thousands of beneficial owners and hundreds of thousands of business transactions. They do this by selling their names for use on official documents of the company, using addresses in obscure parts of the world, providing the anonymity for corrupt officials, tax evaders and organized criminals. […]
Read MoreCracking down on Beneficial Ownership
The UK has become one of the first major economies to place strict rules on the disclosure of beneficial ownership following the passing of the Small Business, Enterprise and Employment Act 2015 at the end of March. The act makes it a legal requirement for companies to maintain a public register of anybody who has […]
Read MoreBeneficial owners AND third-parties AND a Four Step Due Diligence Process
Beneficial owners AND third-parties AND a Four Step Due Diligence ProcessThe European Commission has been working on updating its nine-year-old Third E.U. Anti-Money Laundering (AML) Directive to accommodate new international standards and to address previous shortcomings. Earlier this year, the E.U. Parliament approved new draft legislation, bringing the Fourth AML Directive one step closer to […]
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