In order to combat tax evasion, money laundering and terrorist
financing, it is important to know the individual who is ultimately
behind every company – the beneficial owner.
International standards on collecting information on the
beneficial owners are improving, but Jersey is a world-leader.
Jersey is one of only a few
jurisdictions with an effective, fit-for-purpose central register
of company beneficial ownership
The information contained within
Jersey's register is subject to strict and robust validation by
The register, together with other
legal and regulatory requirements, enables Jersey to provide law
enforcement and tax authorities with 'adequate, accurate and
timely' data on the beneficial ownership of Jersey
Jersey's model is in line with
the international standards of the FATF Recommendations
Jersey has collected information about the beneficial owners of
companies since 1989. You can find out more by downloading The Jersey Model factsheet.
In 2015 Jersey Finance commissioned Professor Jason Sharman to
analyse the effectiveness of central registries and licenced
intermediaries in combatting financial crime. You can download his
paper, and see the speech that he presented on it:
While the information in Jersey's registry is available to
tax and law enforcement authorities, it is not public. You can find
out why Jersey has taken this approach – and why Jersey
thinks a public registry may not be effective in combatting
financial crime, in these factsheets:
MONEYVAL: independent endorsement of the Jersey model
Jersey's institutional, legislative and regulatory framework
to deter money laundering and the financing of terrorism through
financial institutions has been independently assessed by MONEYVAL
- the Council of Europe's Committee of Experts on the
Evaluation of Anti-Money Laundering Measures and the Financing of
The latest MONEYVAL report on Jersey was published on 24 May
2016 and gave Jersey a very positive rating.
It described Jersey as having a:
"mature and sophisticated regime for tackling money
laundering and the financing of terrorism".
I am writing to update you on the progress of the Criminal Finances Bill through the UK Parliament, which includes amendments concerning the creation of public registers in the UK's Crown Dependencies and Overseas Territories
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We have previously reported on this case in the context of a dispute about law and jurisdiction2. Specifically, the second reinsurer, Glacier Re, being a company based in Switzerland, sought to challenge the jurisdiction of the English court, preferring to have the matter determined in Switzerland under Swiss law. They were unsuccessful in that attempt, and the dispute between the Claimant and Glacier Re was subsequently settled.
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