Commenting on the publication of a review of the effectiveness of the Crown Dependencies’ ability to share company beneficial ownership information with UK law enforcement agencies, Joe Moynihan, CEO, Jersey Finance, said:
“This is a really positive assessment of Jersey’s approach to collecting, managing and sharing beneficial ownership information and should send a clear and robust message that Jersey is serious about its responsibility in tackling financial crime. Ultimately it reinforces what we already knew – that the process Jersey has in place, to actively verify company beneficial data, hold that data securely on a central registry that has been in place since 1989, and share that information rapidly and cooperatively with the UK authorities, is amongst the best in the world and effective in supporting the UK with its ongoing investigations.
“It’s particularly pleasing that the review specifically praised Jersey for being an example of best practice, reinforcing the findings of MONEYVAL’s previous assessment which identified Jersey as being in a ‘leading position’ on beneficial ownership.”
The ‘Exchange of Notes’ with the UK, which was the focus of this review, has been in place since 1 July 2017, whilst Jersey also shares beneficial ownership information automatically through the OECD’s Common Reporting Standard with the authorities in around 100 countries globally.
The review was presented to UK Parliament recently and can be found here. Jersey also committed to enhancing its beneficial ownership approach last month by aligning itself with the principles of the EU’s 5th Anti Money Laundering Directive.