The Jersey Financial Services Commission (JFSC) has received an international award for its preliminary work to enhance the island’s Central Register of Beneficial Ownership and Control.
Presented by the International Association of Commercial Administrators (IACA), the Merit Award recognises the work undertaken by the JFSC to implement a secure channel to exchange sensitive information and intelligence with law enforcement and tax authorities in the UK on request.
The initial phase of this work assessed by the IACA for the award was carried out from November 2016 to February 2017. This followed the signing of an agreement between the island and the UK to improve the interchange of beneficial ownership information.
The JFSC is one of only three jurisdictions to win an award from the IACA this year, alongside Indiana and Ohio in the US. It is the fifth IACA Merit Award that the JFSC has won.
JFSC Director of Registry Julian Lamb commented: “To the best of our knowledge we are the first jurisdiction to provide such a working solution and it highlights our continued commitment to the international transparency agenda.”
The JFSC is now focusing on the next phase of work to comply with the UK government’s 30 June deadline.
Pictured: Julian Lamb receiving the award from IACA