HMRC has managed to shut down a major tax avoidance scheme used by the banks UBS and Deutsche Bank after the Supreme Court ruled in its favour. UBS and Deutsche paid bonuses to around ten employees in the form of shares in specially created offshore companies, rather than cash. The banks created a class of […]

On 29 Feb 2016 (posted March 9th 2016) The Jersey Financial Services Commission (the “Commission”) issued a public statement in relation to Clive Neil Stewart Barton MBE (“Mr Barton”) and Kathleen Gillen (“Ms Gillen”) and the MS trust company* business pursuant to Article 25 of the FS(J)L. Clive Neil Stewart Barton MBE (“Mr Barton”) was […]

On 24 February 2016, Windward Trading Limited, a Jersey registered company, pleaded guilty to four counts of money laundering before the Royal Court of Jersey. The Royal Court imposed a confiscation order of £3,281,897.40 and US$540,330.69, thereby stripping the company of all its assets. Criminal conduct Windward admitted to laundering the proceeds of corruption BETWEEN […]

In reading a Prospectus for a local regulated financial services business* official listing I note there are some key lessons for all those regulated in Jersey and in particular working with collective investment schemes (CIFs) The following is extracted from the prospectus…….. Current regulatory risk The JFSC is currently conducting an ongoing review in relation […]

The JFSC have issued a Dear CEO letter to draw attention to the growing importance of cyber-security arrangements and the Commission’s expectations of registered persons in this regard. THE LETTER SAYS…… The frequency, sophistication and impact of cyber-attacks is increasing. Over recent years it has become clear that most businesses and organisations are potentially vulnerable […]

The JFSC has issued the Trust Company Fees Notice on 19 February 2016 FOR the period from 1 January 2016 – 31 December 2016. NOTICE OF FEES – Published in accordance with: Article 15 of the Financial Services Commission (Jersey) Law 1998, as amended Payable by or in relation to: TRUST COMPANY BUSINESS Pursuant to: […]

HSBC Bank Middle East Limited (the “Bank”) has advised the holders of certain series of notes issued by it that it intends to move its place of incorporation and head office from Jersey to the Dubai International Financial Centre (the “DIFC”), and that accordingly it intends to make an application pursuant to Article 127T of […]

Royal Court observations for regulated businesses Leon Hurd and Ben Vickers report on the Royal Court’s decision in SWM Ltd-v-Jersey Financial Services Commission and AG [2016] JRC 014 SWM Limited (SWM), a regulated financial services company, sought a declaration from the Royal Court that certain payments it wished to make would be “in the ordinary […]