The government of Jersey has confirmed its policy on registers of beneficial ownership. This policy, and the commitment within it, will form part of the package that will be provided to the EU Code of Conduct Group later this year.
Jersey has been providing law enforcement and tax authorities around the world with information on the beneficial ownership of its companies for many years. Stringent requirements for the incorporation of Jersey companies, together with regulation and supervision of trust and company service providers, ensure this information is accurate and current.
Jersey made a commitment in 2016, with the UK, the other Crown Dependencies and six of the Overseas Territories, to enhance the effectiveness of law enforcement cooperation through the sharing of beneficial ownership information.
Jersey took part in a review of beneficial ownership arrangements, with the aim of exchanging adequate, accurate and current information to help combat tax evasion, money laundering and corruption.
According to the States of Jersey, the island's beneficial ownership register more than meets current international standards and, as a result, feeds the wider policy aim of combating money laundering and financing of terrorism.
The Minister for External Relations, Senator Ian Gorst, commented: “Jersey is a leading jurisdiction in matters of transparency and in the prevention of financial crime and money laundering, for which we have been recognised by the OECD, MONEYVAL and the Financial Action Task Force.
“We remain fully committed to the global fight against financial crime, and a high quality beneficial ownership register is central to that.”
• The policy document can be viewed here