Since the Automatic Exchange of Information (AEol, CRS) was introduced globally, the OECD and the EU have been working towards closing any loopholes. Already in March 2018, the OECD accepted the “Mandatory Disclosure Rules for CRS Avoidance Arrangements and Opaque Offshore Structures” (OECD MDR). A few months later, the EU enacted a directive regarding the […]

A study on Money laundering and tax evasion risks in free ports provides an insight into the money laundering, tax evasion and tax avoidance risks connected with free zones, particularly those that function as (semi-) permanent storage for high-value goods, often referred to as ‘free ports’. Conducted at the request of the European Parliament’s Special […]

A study on Money laundering and tax evasion risks in free ports provides an insight into the money laundering, tax evasion and tax avoidance risks connected with free zones, particularly those that function as (semi-) permanent storage for high-value goods, often referred to as ‘free ports’. Conducted at the request of the European Parliament’s Special […]

The Slides: http://bit.ly/2qtKyOX

The recent Jersey judgment (Al Tamimi v Al Charmaa [2017]JRC 033) concerned the ultimate ownership of two Jersey companies. This case involved an alleged beneficial ownership agreement made by persons in a divorce and residing outside of Jersey (summary below). In the judgement, the Royal Court (the Bailiff and Jurats) sent a strong message that […]

Jersey Court will not assist those who have failed accurately to disclose beneficial ownership interests to the financial services regulator. The following case and judgement shows the Jersey Court will not use its equitable jurisdiction to assist those who have failed accurately to disclose beneficial ownership interests to the financial services regulator. The case: (Al […]

BACKGROUND In Jersey, all companies and limited partnerships require consent from the JFSC to issue shares or create partnership interests (a COBO Consent) AND With effect from 1 January 2017; these COBO Consents are changing to facilitate the maintenance of the JFSC’s register of beneficial owners. WHY THE CHANGE? Jersey Government has agreed with the […]

In its first evaluation of the United States in ten years, FATF scored Washington NON-COMPLIANT – THE LOWEST POSSIBLE SCORE – on its ability to determine the true owners of shell companies, sometimes used by money launderers to hide illegal proceeds. FATF also gave Washington a failing score for its minimal monitoring of non-financial industries […]