“Jersey’s combination of a central register of the Ultimate Beneficial Ownership (UBO) with a high level of vetting/ evaluation not found elsewhere and regulation of Trust and Company Service Providers (TCSPs) of a standard found in few other jurisdictions, has been widely recognised by international organisations and individual jurisdictions as placing Jersey in a leading position in meeting the standard of beneficial ownership transparency.”
Council of Europe,
MONEYVAL Report, 2016
“The “Jersey Model” should be upheld as an example of how access to beneficial ownership and control information can be implemented in a jurisdiction.”
The World Bank,
The Puppet Masters Report, 2011
Jersey has been acknowledged by independent assessments from some of the world’s leading bodies including the OECD and the IMF.
The highest regulatory standards
- Introduced proceeds of crime legislation in 1999, which made evading tax in other jurisdictions illegal
- In 2015, Jersey was subject to a Mutual Evaluation by MONEYVAL and was found to be “Compliant” or “Largely Compliant” with 48 out of 49 of the FATF Recommendations
- Fully aligned with the standards required by the EU’s 3rd Anti-Money Laundering Directive
- Early adopter of the OECD’s Common Reporting Standard, the global standard in the automatic exchange of information
- Signed up to the United States Foreign Account Tax Compliance Act model
- Signed up to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters
- Jersey was one of the first IFCs to be placed on the OECD ‘White List’ as having implemented internationally agreed tax standards in 2009
- BEPS Associate, committing Jersey to implementing international standards
- Jersey’s Chief Minister received a letter of congratulations from Angel Gurria, Secretary General of the OECD concerning Jersey’s position on international tax transparency
- Jersey has had a live central register of the beneficial ownership of companies for more than two decades and regulates those who form and administer companies, trusts, partnerships and foundations
- Jersey has reinforced existing arrangements for providing beneficial ownership information to law enforcement and tax authorities by signing an exchange of notes with the UK government
Jersey has collected information about the beneficial owners of companies on a robust central register since 1989.
Although the register is not made public, relevant information is made available on request to law enforcement and competent authorities.
In Jersey, Trust and Company Service Providers (TCSPs) are regulated by the JFSC.
Experts (TCSPs) are required to be involved in the company incorporation process, so that any difficult judgement calls (including on beneficial owners) are resolved by experienced professionals.
Costs of the verification process are also largely incurred by the private sector.
On company incorporation Jersey’s regulatory regime requires not only identification of beneficial owners, but also verification of such identity in line with FATF requirements.
Errors or deliberate misstatements can lead to fines and termination of licences. Therefore while data accuracy is not guaranteed, it is significantly enhanced.
Jersey companies are only able to be incorporated either by Jersey resident individuals or a TCSP
Following an agreement between the UK and Jersey governments, Jersey agreed to a more formal mechanism of beneficial ownership exchange, committing to respond to non-urgent requests within 24 hours and urgent requests within one hour. This agreement has applied since 30 June 2017.
Recent credible and independent reports on Jersey’s ‘Value to Britain’ and ‘Value to Europe’ underscore Jersey’s important role in international finance, whilst highlighting the positive economic benefit that Jersey generates for its neighbours in the UK and EU.
These reports estimate that the Island adds a net £14 billion to the UK economy, supporting an estimated 250,000 jobs. Jersey has also attracted accumulated investment to other EU countries from non-EU sources of 188 billion – that is 4% of the EU’s total stock of liabilities. The Island continues to work with these neighbouring markets, playing a vital role in stimulating tax receipts, jobs and economic growth.
Over the last decade, Africa’s economy has grown by an average 5.2% each year making it one of the fastest growing regions in the world.
However, for this growth to continue, by 2040, a cumulative investment of $85 trillion (the equivalent of one year’s global GDP) must be generated into infrastructure, machinery, buildings and homes. IFCs such as Jersey are playing a fundamental role in filling that gap and putting Africa on track to fulfil its economic potential.
As an IFC, Jersey has a firstclass range of products and services and expert workforce, which enable it to act as a major player in the global FDI market.
As a result, the Island has facilitated substantial amounts of FDI, adding considerable value to the global economy by supporting the growth in cross-border investment.