The Minister for External Relations and Financial Services, Senator Ian Gorst, said: “Jersey is cooperating with the UK in all measures, including in respect of those persons with links to Jersey who have been subject to sanctions today. Our robust legislation is underscored by severe criminal consequences for those who fail to adhere to it.
“We are a responsible and internationally co-operative jurisdiction and are implementing all UK sanctions and are committed to remaining in lockstep with the UK.”
Jersey’s support for the international response was reaffirmed at a meeting with UK Ministers yesterday (Wednesday 9 March). Ministers from the three Crown Dependencies met the UK’s Minister of State for Security and Borders, Rt Hon Damian Hinds MP, and the Parliamentary Under-Secretary of State for Business, Energy and Corporate Responsibility, Rt Hon Lord Callanan, to discuss the Economic Crime Bill, which forms part of the UK’s package of economic measures against targeted Russian individuals and organisations.
Senator Gorst said: “The meeting was an opportunity for UK Ministers to update the Crown Dependencies on the UK’s work to accelerate the UK Economic Crime Bill. Jersey has had a long-standing beneficial ownership register populated with accurate and vetted beneficial ownership information provided by regulated service providers. “We exchange this information with authorities worldwide, particularly with the UK and we welcome any efforts globally to improve the accuracy of registry data. We also remain committed to implementing a public registry within the timescale which has already been announced.”
Ministers from Jersey, Guernsey and the Isle of Man met the UK’s Minister of State for Security and Borders, Rt Hon Damian Hinds MP, and the Parliamentary Under-Secretary of State for Business, Energy and Corporate Responsibility, Rt Hon Lord Callanan, yesterday afternoon to discuss the Economic Crime Bill.
The meeting provided an update on elements of the legislation including:
- The Register of Overseas Entities (ROE), which will ensure owners of UK property cannot hide behind opaque corporate structures registered overseas
- Unexplained Wealth Order (UWO) powers, which will enable UK law enforcement agencies to take more effective action against kleptocrats and criminals, compelling them to prove the origins of their funds in the UK
- Changes to sanctions enforcement powers to ensure financial sanctions introduced by the Government are as effective as possible