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Baker & Partners have issued a Guidance Note to the local financial industry, warning firms about the dangers of providing dishonest assistance to clients and giving practical advice on how to avoid it.
The question of dishonest assistance is particularly relevant in Jersey’s context, given the importance of the Island’s reputation as a well-regulated international finance centre.
The publication provides clarification about what constitutes dishonest assistance in Jersey, and the legal position of those who have carried out client instructions without first considering the legitimacy of their client’s activities. It examines the implications of the recent Nolan v Minerva case, in which a local trust company was found to have dishonestly assisted fraudster Gerard Walsh.
The Guidance Note follows on from the Breakfast Briefing on the same topic delivered earlier this month and forms part of a series of breakfast briefings and accompanying Guidance Notes to be provided by Baker & Partners, who share their expertise for the benefit of local and wider industry.
William Redgrave, Advocate at Baker & Partners said: “I welcome the publication of our most recent Guidance Note to the local financial industry. Given the possibility of confusion about the definition of dishonest assistance there is a danger of firms sleepwalking into serious trouble, and I hope the Guidance Note will be of use in preventing this.”
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