Beneficial ownership register secures JFSC international award

Thursday 25 May 2017

Jersey has been praised for its efforts in ensuring transparency and combatting money laundering with an internationally-recognised award.

The Jersey Financial Services Commission (JFSC) was this week handed a Merit Award by the International Association of Commercial Administrators in recognition of its preliminary work to improve the Island’s Central Register of Beneficial Ownership and Control.

Created following the signing of an agreement between Jersey and the UK to improve the exchange of information between law enforcement and tax authorities on request, the register maps who ultimately controls and benefits from Jersey-registered companies.

The award recognises the initial phase of work on the register, which was conducted between November 2016 and February this year.

This is the fifth time Jersey – one of just three winners this year alongside Indiana and Ohio – has been recognised by the IACA.

JFSC Director of Registry, Julian Lamb, said that the Commission was “delighted” to have been awarded once again.

He added: “The award is testimony to the hard work of our Registry team, the invaluable support of our ICT and Programme Management colleagues, and the partnership with Government and Industry to complete, within tight deadlines, the first phase of this work. 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. We believe that our local approach to support the global AML/CFT fight is an effective and innovative solution with many elements that can be reused by our international colleagues.”

Chief Minister, Senator Ian Gorst, echoed this praise:

“Jersey has for many years been recognised as being in a leading position concerning the availability of Beneficial Ownership information to law enforcement and tax authorities, however the ability of our Companies Registry to operate effectively on a day-to-day basis is a critical foundation of the finance industry.

“I am therefore delighted that the IACA has acknowledged the work done by Jersey in the field of Registry development at an international level. The ability of Jersey to develop and diversify the critical services offered by the Registry to the financial services industry and Islanders is seen by the Government and the JFSC as key to the future prosperity of the finance industry. This award suggests we are certainly on the right track."