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Jersey Tightens Beneficial Ownership Requirements

by Mike Godfrey, Lowtax.net, Washington
04 November, 2016

Jersey has announced plans to improve its policies on beneficial ownership and to introduce a register of directors.

The policy, which is predominantly relevant to trust and company service providers (TCSPs) who administer Jersey corporate and legal entities, will require the TCSP to update the central registry of beneficial ownership within 21 days of knowledge of a change of beneficial ownership of a corporate they administer.

In addition, the Government of Jersey will create a central register of directors of Jersey companies, with information being exchanged with law enforcement and tax authorities on request, on the same basis that beneficial ownership information is exchanged.

John Harris, Registrar of Companies and Director General of the Jersey Financial Services Commission, said: "The Jersey Financial Services Commission will be deploying the Government of Jersey policy, but the timelines for the implementation are very tight and, in order to meet the deadlines, we will be working with industry and related interest groups, plus there will be an extensive program of outreach to ensure the process of delivery is efficient and effective."

"A requirement to obtain beneficial ownership information already exists, so this is a matter of centralizing collection for all Jersey-registered entities. This will enhance our leading position, as formally recognized in our recent Council of Europe MONEYVAL assessment, and is part of our ongoing work to comply with their recommendations."

"In addition, work already undertaken as part of our Change program will make the process smarter taking advantage of modern technology."

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