Sanitised case 1 A TCB client advised he was to sell his half of a property (which he co-owned with his brother) in Russia for US$7m. The disclosing institution was told that two payments, one of US$1m and one of US$1.8m, for this transaction would come from independent third party accounts located in Cyprus to […]

Registration under the Security Interests (Jersey) Law 2012 (January 10 2013) 11 Jan 2013 The Security Interests (Jersey) Law 1983 will soon be replaced by the Security Interests (Jersey) Law 2012, which was passed on July 19 2011. The new law is expected to come into force in early 2013. The concept of registration, which […]

Ten things UK/EU compliance officers must do in 2012 07 Jan 2013 This year will be a year of clarifying, evaluating and beginning to implement the practical detail that underpins the sweep of regulatory change due in 2012 and beyond. The changes are not limited to the rulebooks but encompass the regulatory bodies, required structural […]

PRESS RELEASE 14 December 2012CHANGES TO BE MADE TO AML/CFT HANDBOOK Today the Commission has published a Feedback Paper following consultation in 2011 and throughout 2012 on proposals to amend the Handbook for the Prevention and Detection of Money Laundering and the Financing of Terrorism for Financial Services Business (the ” AML/CFT Handbook”) and the […]

OPPORTUNITY TO SHOWCASE HIGH STANDARDS OF THE JERSEY REGISTRY DURING VISIT BY EUROPEAN COLLEAGUES 13 Dec 2012 Representatives from Company Registries from several European Union countries were in Jersey recently to discuss the implications of a new European Directive. The Directive, published in June this year, proposes greater connectivity of systems and mechanisms between Registries. […]

JERSEY AND GERMAN REGISTRIES SHARE INTERNATIONAL AWARD 10 Dec 2012 The Jersey Companies Registry has been recognised internationally for work it has undertaken in collaboration with an equivalent registry in Germany. The International Association of Commercial Administrators (“IACA”) has given the Jersey Registry, jointly with Germany, a Merit Award for a pilot project designed to […]

CROWN DEPENDENCY REGULATORS TO MAINTAIN CLOSE CO-OPERATION 10 Dec 2012 The Crown Dependencies’ financial services regulators will continue to work together to achieve common objectives in a number of key areas. That was an important outcome of the Annual Meeting of Regulators from Jersey, Guernsey and the Isle of Man, which was held recently in […]

JFSC issue findings from Class G (NEDS) reviews – 27 Nov 2012 on the 12 November 2012 the JFSC provided by letter its On-Site Examination Feedback on its review of Sole traders’ licenced under class G . During the last 18 months, the Commission conducted a number of on-site examinations of natural persons undertaking class […]