Chief Minister welcomes new beneficial ownership arrangements

Tuesday 04 July 2017

Jersey Police and Customs officers are to have increased access to the beneficial ownership information for companies, following an agreement between the island and the UK.

The increased access allows the Joint Financial Crime Unit (JFCU) of the Jersey Police to fulfil their obligations under the agreement known as an ‘Exchange of Notes’ which ensures an exchange of beneficial ownership information between the Jersey and UK governments.

Although the main objective of the new agreement is to increase the sharing of information between Jersey and the UK, the new arrangements will also allow the JFCU direct access to the central register of beneficial ownership. Information can now be exchanged with UK law enforcement authorities within 24 hours, or within one hour for urgent matters. 

The ‘Exchange of Notes’, which came into force on 30 June, follows the Jersey Financial Services Commission’s (JFSC) six-month campaign to update the island’s central beneficial ownership register.

Senator Ian Gorst, Jersey’s Chief Minister, commented: “Jersey has for a long time 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 of those Jersey companies who over the last 6 months who have re-confirmed their beneficial ownership and control information with the Companies Registry and the significant efforts of those staff at the JFSC who have been involved in receiving that information.

“Along with the United Kingdom, as a responsible international finance centre, Jersey is absolutely committed to playing its part in the worldwide fight against financial crime.”