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Jersey Commended For Beneficial Ownership Register

by Amanda Banks, Lowtax.net, London
01 June, 2017

Jersey's financial services regulator, the Jersey Financial Services Commission, has received an international award for its work to enhance the island's central register of information on company beneficial ownership and control.

Presented by the International Association of Commercial Administrators (IACA), a professional association for government administrators of record systems, the award recognizes the work undertaken by the Commission to successfully implement a channel for the secure exchange of highly sensitive information and intelligence with law enforcement and tax authorities in the UK on request.

The initial phase of the work, assessed by the IACA for the purposes of the award, was carried out from November 2016 to February 2017, following the signing of an agreement in April last year between the island and the UK to improve the interchange of beneficial ownership information.

Jersey's Chief Minister, Ian Gorst, said: "Jersey has for many years been recognized as being in a leading position concerning the availability of beneficial ownership information to law enforcement and tax authorities, however the ability of our Companies Registry to operate effectively on a day-to-day basis is a critical foundation of the finance industry. I am therefore delighted that the IACA has acknowledged the work done by Jersey in the field of Registry development at an international level. The ability of Jersey to develop and diversify the critical services offered by the Registry to the financial services industry and islanders is seen by the government and the Commission as key to the future prosperity of the finance industry. This award suggests we are certainly on the right track."

The Commission says it is now focusing on the next phase of work to meet its obligations under the April 2016 agreement with the UK Government, which must be in place by June 30, 2017.

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