COMMISSION SIGNS AIFMD COOPERATION AGREEMENTS The Jersey Financial Services Commission (the “Commission”) is pleased to announce that 25 AIFMD bilateral cooperation agreements have, to date, been signed with EU/EEA Member State supervisory authorities. The Commission has been liaising with the European Securities and Markets Authority, the party responsible, to date, for negotiating the AIFMD cooperation […]

TRANSITIONAL ARRANGEMENTS, EXEMPTIONS, AND COMMISSION FORMS The Commission continues to prepare for the launch of the AIFMD regime on 22 July 2013 and has today published, for consideration and use specifically by Jersey fund industry practitioners: a Guidance Note on Transitional Arrangements, Exemptions and Commission Forms (the “AIFMD Guidance Note”); and a package of new and […]

A large delegation of Jersey business professionals gathered to hear a fascinating presentation on Thursday 20th June by former Director General of SOCA (Serious Organised Crime Agency) William Hughes CBE, QPM. Bill has recently been appointed as an advisor to HSBC to combat the financial crime problems that has recently been reported. Mr Hughes was […]

Fund promoters are attracted to Jersey by the Island’s stable government, its proximity to both the UK and continental Europe, the significant expertise developed by the industry in a wide range of financial services and a competitive, co-operative and well-regulated tax environment. Jersey is a parliamentary democracy that is a dependency of the British Crown. […]

The prime minister has hailed an agreement by the UK’s Overseas Territories and Crown dependencies to sign up to a tax evasion clampdown. David Cameron said it was a “very positive step forward” ahead of the G8 meeting, which starts on Monday. But sources from the Crown Dependencies told the BBC a proposed register of […]

Sanitised case 29 Review of client relationship revealed suspicions that funds used to set up a local structure were the proceeds of crime from a widely publicised corruption / bribery case. “No consent” in place until enquiries were made with the jurisdiction where the corruption case originated. This resulted in the “no consent” being lifted […]

Sanitised case 28 Fraudulent investment scheme. A local institution became wary of an existing client / relationship when they received a call from a potential investor enquiring about the location of funds they had remitted to the account. Their client claimed to be a trader in the financial markets but enquiries by JFCU revealed that […]

Sanitised case 27 AA is a foundation that lends money to African governments who cannot raise credit and are paid back through the sale of oil. AA has extensive experience in this activity having worked with Middle Eastern governments for many years and completing many infrastructure/humanitarian projects. Due to the nature of the work undertaken […]