Jersey Considering Dormant Bank Account Law
by Jason Gorringe, Lowtax.net, London
04 August, 2015
Jersey has proposed allowing funds in dormant bank accounts to be used for good causes, in a public consultation launched in late July.
The proposed law would apply to funds in accounts where contact with the owner has been lost for more than 15 years. It would also apply to precious metals and stones.
The assets would be moved to a Government-administered central fund, called the Jersey Reclaim Fund. Owners would still be able to recover their money from this fund at any time.
Dormant account schemes already exist in a number of jurisdictions, including the UK, Ireland, and the Cayman Islands. The introduction of a dormant accounts scheme is also underway in the Isle of Man.
The Jersey Government has invited feedback on the proposal until September 30, 2015.
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