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Jersey Regulator Increases Fees For Lawyers, Accountants

by Amanda Banks, Lowtax.net, London
21 February, 2017

The Jersey Financial Services Commission, which regulates the island's financial services sector, has increased the supervisory fee payable by some of Jersey's professionals.

Lawyers, accountants, estate agents, and sellers of high-value goods will see a 13.6 percent increase in the annual fee they pay under proceeds of crime legislation.

The annual fee rise, which takes effect from the start of this year, is capped at GBP11,360 (USD14,100) and follows consultation by the Commission last year.

The fee is imposed on persons registered under the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008, and is intended to cover the cost of supervising those employed in any business or profession where money laundering or financing of terrorism could take place.

The Commission said that firms affected by the fee rise will shortly receive notification via their myJFSC web portal account. Firms will be asked to log into their accounts and indicate whether or not they are a sole trader (and if not to provide employee numbers). An invoice will then be generated for payment.

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