The Channel Islands Financial Ombudsman (“CIFO”), or to give it its full title, the Office of the Financial Services Ombudsman will open for business on 16 November 2015. Below is a brief overview on the WHAT, WHO, WHERE, WHEN, HOWS of the CIFO and how it may affect Channel Island financial services businesses. WHAT IS […]

The virtual currency legislation will make it easier for companies dealing in Bitcoin to operate Jersey’s government is to introduce “light touch” regulation for virtual currencies, according to the assistant chief minister. Senator Philip Ozouf announced the new legislation at the island’s first finance technology conference. The government has been working on the legislation for […]

Acquittal for MLRO and regulated business charged with offences under the Proceeds of Crime (Jersey) Law 1999 Recent proceedings against STM Fiduciaire Limited (STM) and its Money Laundering Reporting Officer, Michelle Jardine, (Jardine) for breaches of the Proceeds of Crime (Jersey) Law 1999 (PCL) have resulted in an acquittal for all parties. This was the […]

The government of Jersey is pushing ahead with plans to pass legislation next year that will establish rules for businesses on the island that work with bitcoin and digital currencies. The Chief Minister’s Department of Jersey released a policy document this morning that outlines how its approach to digital currency regulation will focus on exchanges, […]

The Jersey Financial Services Commission (JFSC) has today issued a warning to advise local residents and businesses of spam emails associated with the Dridex ecrime campaign, which uses Microsoft Office documents containing malicious macro code to infect computers. Dridex is typically disguised as an invoice and emailed to victims, and the malware virus relies on […]

In dismissing an appeal from the Court of Appeal of Jersey, (Federal Republic of Brazil & The Municipality of Sao Paulo v Durant International Corporation & another) the Judicial Committee of the Privy Council has clarified previously unsettled law in relation to the permissibility of “backward tracing” in fraud recovery cases. Simply this Landmark Privy […]

The Funds Supervision Team has introduced a fund services business (“FSB”) Annual Compliance Return which requests information on the registered person’s business on an annual basis, bringing it into line with other sectors. http://www.jerseyfsc.org/word/FSB-Annual-Compliance-Return-September-2015.doc The information contained in the form will be used to assist our supervision of FSBs. The form should be completed by […]

Financial adviser who arranged fraudulent mortgages for a heroin dealer ordered to pay back more than £4m – The investigation also identified offshore bank accounts held in Switzerland and Jersey, and an offshore company based in Jersey that owned 15 rental properties Adeel Mirza, a 45-year-old financial adviser who pleaded guilty to 10 counts of […]