Jersey has been acknowledged by independent assessments from some of the world’s leading bodies including the Organisation for Economic Co-operation and Development’s (OECD) and the International Monetary Fund (IMF).
Of the 49 assessment areas, Jersey was rated compliant or largely compliant in 48, placing it in the top tier of jurisdictions assessed under these criteria
The OECD praised Jersey’s ‘responsive and cooperative approach’ in its 2011 and 2014 reviews
In 2016 the UK Chancellor stated that "Jersey has taken a lead on global transparency as a cooperative jurisdiction, including through your early commitment to the Common Reporting Standard"
Jersey is in the top division of IFCs, including those in the G20 and EU
Jersey has been cited as an exemplar of best practice in the recording and monitoring of beneficial ownership information
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 US$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 first-class 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.