International standards on collecting information on the beneficial owners are constantly changing. Jersey has a long track record of high standards effective in helping to tackle financial crime and countering the financing of terrorism. It is also a world-leader in standards of transparency having, among other things, maintained a central company register populated by accurate, verified and up-to-date data for 30 years.
With this in mind, in June 2019, the Government of Jersey made a political commitment to align itself with the principles as set out by the EU’s 5th Anti Money Laundering Directive. The commitment sets out three stages within a deliverable timeframe:
- the interconnection of the Island’s registers of beneficial ownership of companies with those within the EU for access by law enforcement authorities and Financial Intelligence Units; then
- access for financial service businesses and certain other prescribed businesses for corporate due diligence purposes; then
- public access aligned to the approach taken in the EU Directive.
More information can be found on Jersey’s long history at the forefront of regulation on our Transparency Timeline.
Our News27 April 2018