The Chief Minister has finalised arrangements with the Jersey Financial Services Commission (JFSC) directing them to allow the Joint Financial Crime Unit (JFCU) of the States of Jersey Police and Customs enhanced access to beneficial ownership and control information held on the central registry of beneficial ownership at the JFSC.
The enhanced access allows the police to fulfil their obligations under an international agreement enhancing exchange of beneficial ownership information, known as an Exchange of Notes, signed in April 2016 with the UK government to fight financial crime.
The main objective of the Exchange of Notes has been to enhance the timely sharing of information between Jersey and the UK from the Jersey central register.
Jersey has had such a register since 1989 and during that time Jersey has cooperated with law enforcement and tax authorities around the world.
The new arrangements will give the JFCU direct access to the central registry of beneficial ownership and allow them to exchange information within 24 hours with UK law enforcement authorities or, in urgent matters, within one hour.
The Exchange of Notes with the UK came into force on 30 June and follows a significant exercise in Jersey to update the register of beneficial ownership by all companies between January 2017 and the end of June 2017 – a direct outcome of the Government of Jersey’s enhanced beneficial ownership policy published in November 2016.
Senator Ian Gorst, Chief Minister, said: “Jersey has long been recognised by independent international bodies such as the World Bank and MONEYVAL as having a leading position concerning exchange of adequate, accurate and current beneficial ownership information with law enforcement and tax authorities. Our preparation for this agreement coming into force further justifies that leading position.
“I would like to thank all Jersey companies that over the past six months have re-confirmed their beneficial ownership and control information with the Companies Registry and the efforts of staff at the JFSC who have been involved in receiving that information.”