10 years seems to the best practice limit in the industry although I accept the Money Laundering rules require that for a relevant person must make and retain orderly records of CDD information for at least 5 (five years) from the end of the relationship with the customer (or the completion of the transaction, for […]

Introduction Legislation has recently been passed by the States of Jersey to amend the Limited Liability Partnerships (LLP) (Jersey) Law 1997. A Jersey LLP is a legal person distinct from its partners that can own property, sue and be sued in its own name. Each of its partners is obliged to contribute effort and skill […]

27 Nov 2012 The Trusts (Amendment No. 5) (Jersey) Law 2012 (“Amendment No. 5”) was approved by the Privy Council on 17 October 2012 and will take effect on 2 November 2012. Amendment No. 5 makes several important and practical changes to the Trusts (Jersey) Law 1984 (the “Trusts Law”). In summary, the key changes […]

Amendments to Jersey’s Trusts Law take effect [NO5] – The Trusts (Amendment No. 5) (Jersey) Law 2012 (“Amendment no. 5”) was approved by the Privy Council on 17 October 2012 and will take effect on 2 November 2012. Amendment No. 5 makes several important and practical changes to the Trusts (Jersey) Law 1984 (the “Trusts […]

Second Vantis director jailed for four years 26 Oct 2012 Roy Faichney, a former adviser at Vantis Tax, has been jailed for four years and disqualified from acting as a director for 10 years for his part in a £70m tax fraud.As managing director of Vantis, Faichney had a “gentleman’s agreement” with his deputy, David […]

French prosecutors have launched an investigation into possible money laundering by HSBC private banking clients after buying data stolen by a former employee of the bank. Eric de Montgolfier, the prosecutor from Nice in the south of France, revealed yesterday that his team are looking into thousands of accounts for evidence of money laundering, having […]

In October/November 2008, the International Monetary Fund (the “IMF”) visited Jersey to carry out an assessment of Jersey’s regulatory and anti-money laundering regimes as part of the Financial Sector Assessment Programme. In response to this IMF review and their report the Jersey’s authorities have now responded. These responses may be found in 4 seperate reports, […]

In a follow-up to a story dated 26 January 2010, Indian businessman Raj Arjandas Bhojwani has been found guilty of “greed and corruption on a massive scale” in Jersey’s Royal Court. For five weeks, in one of Jersey’s largest ever money laundering cases, the Royal Court heard how Bhojwani laundered US$43.9 million [about £29.1 million] […]