ARTICLE
22 May 2023

PTCs And The Proceeds Of Crime (Jersey) Law 1999: New Guidance From The JFSC

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Walkers

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Walkers is a leading international law firm which advises on the laws of Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Ireland and Jersey. From our 10 offices, we provide legal, corporate and fiduciary services to global corporations, financial institutions, capital markets participants and investment fund managers.
The JFSC has issued new guidance and FAQs for Private Trust Companies and trustees in relation to the updated scope of the Proceeds of Crime Law 1999.
Jersey Criminal Law

The JFSC has issued new guidance and FAQs for Private Trust Companies and trustees in relation to the updated scope of the Proceeds of Crime (Jersey) Law 1999.

The new guidance is largely in line with the Guidelines on Interpretation issued by the JFSC in January, but with a few points to note:

- there are a few hints pointing towards PTCs being more likely to be in scope than out;

- a trustee that is a legal person will be considered in scope "unless it is demonstrated to the contrary";

- there are specific factors to take into account when considering whether or not acting as a trustee is being "conducted as a business"; and

- PTCs are unlikely to be treated as "non-professional trustees".

If you would like to discuss the new guidance, PTCs and POCL generally, or anything else relating to POCL, please do not hesitate to get in touch. Also please don't hesitate to get in touch with my colleagues @Rajah Abusrewil, @Anouksha Patel and @Adam Fellows in our Private Capital and Trusts team for

https://www.jerseyfsc.org/media/6631/ptc-family-office-faqs.pdf

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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