The Jersey Court to confiscate drug offender’s money after-tax evasion confession [08 August 2019] A 57year-old convicted drug offender could see up of £33,804 of savings seized by Jersey authorities, despite successfully arguing that the money was not the proceeds of criminal activities – but admitting tax evasion in the process. Ian Joseph Ellis was […]
Read MoreJersey Royal Court struggles with the question – “When is a fee a commission or commission a fee” and asks the JFSC for guidance
In a recent Jersey appeal case the Court was of the view that the investment profession might well benefit from further guidance from the JFSC on “Commissions”[or Receiving prohibited third-party payments] The court did however, and for the avoidance of doubt, makes it clear that if an investment adviser were to receive a fee for […]
Read MoreJersey Royal Court considers behaviour when dealing with complaints – lessons to be learned – act (and be seen to act) objectively and impartially
SPEED READ The courts considered the arguments from the JFSC concerning integrity of an investment adviser (SWM) when they dealt with two complaints. In complaint No 1 SWM refused to re-open a compliant after being directed to do so by a 3rd party – the court stated it is not unreasonable on the part of […]
Read MoreBank’s costly criminal error highlights the importance of following due probate process in Jersey
Jersey firms are warned to review their procedures within their businesses relating to probate procedures. In the recent case of The Attorney General v Abu Dhabi Commercial Bank PJSC, Jersey Bank, the Royal Court found a bank guilty of committing a criminal offence and fined the bank for not obtaining the necessary authorisation before transferring […]
Read MoreBackdating of Documents Revealed in Jersey Court Proceedings
Berge Gerdt Larsen (read here for some background https://www.ardentchambers.com/howard-sharp-qc-secures-larsen-and-volaw-tiea-judgment-in-jersey-court-of-appeal/) is back in the Jersey courts, and in reading through the judgements, there are some interesting revelations (under oath) about the behaviour of Jersey directors. In the reported judgement [click here https://www.jerseylaw.je:443/judgments/unreported/Pages/%5B2019%5DJRC040.aspx] the following is cited Mr Larsen was convicted of aggravated tax fraud using offshore […]
Read MoreJersey CASE [ Al Tamimi v Al Charmaa] Shows the Risks of not Disclosing UBO Accurately
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 […]
Read More