Approach taken by registries to obtain beneficial owner information julian lamb


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Approach taken by registries to obtain beneficial owner information julian lamb

  1. 1. Brazil CRF Conference March 2014 Julian Lamb Director Registry
  2. 2. An overview of Jersey • Jersey - Population - 92,500 (2009) - Size 118 sq km • Ministerial Government • - Chief Minister and 10 Minister forming Council of Ministers • - 10 Executive Departments • - Scrutiny by States Assembly (parliament) • - No party politics. • International Identity: • - Special relationship with the UK; loyal to British sovereign since 1204 • - Autonomous in domestic affairs • - International agreements; entrustments from the UK • - Limited formal relationship with the EU • - UK has ultimate responsibility for Jersey’s defence • - British citizens • - Own currency (but in currency union with the United Kingdom)
  3. 3. The Constitutional relationship between Jersey and the UK - Framework document agreed between the UK and Jersey, May 2007 - UK has no democratic accountability in and for Jersey - UK will not act internationally on behalf of Jersey without consultation - interests of Jersey may differ from those of the UK - Jersey has a different international identity – UK supports its development
  4. 4. Financial Services Commission (Jersey) Law 1998 Unitary Regulator Statutory body corporate Independent of Government Accountable to States of Jersey
  5. 5. Jersey Financial Services Commission • Guiding principles – Reducing risk to the public of financial loss due to dishonesty, incompetence, malpractice or the financial unsoundness of financial service providers – Protecting and enhancing the Island’s reputation and integrity in commercial and financial matters – Safeguarding the Island’s best economic interests; and – Countering financial crime both in Jersey and elsewhere
  6. 6. Jersey Financial Services Commission • Statutory functions – Regulation and supervision of conduct of business and financial resources • Fund operators, deposit takers, insurance companies, investment businesses, trust companies, insurance brokers, and bureaux de change (“registered persons”) • Collective investment schemes – Regulation and supervision of compliance with AML/CFT requirements • Registered persons, lawyers, accountants and estate agents – Registration of non-profit organizations • Terrorist Financing – Registration of auditors of market traded companies
  7. 7. Jersey Financial Services Commission • Statutory functions – Consent to raising of equity by companies and other persons – Operation of registries - companies and other – Consumer protection • Scam websites • Other scams • Partner with government in: – Consumer education ( – Framework for handling of financial stability issues – Facilitating industry compliance with financial sanctions (UN and EU based)
  8. 8. Legislative “toolkit” • Significant number of laws, including: – Regulatory • Financial Services Commission (Jersey) Law 1998 • Collective Investment Funds (Jersey) Law 1988 • Banking Business (Jersey) Law 1991 • Insurance Business (Jersey) Law 1996 • Financial Services (Jersey) Law 1998 – AML/CFT • Proceeds of Crime (Jersey) Law 1998/Money Laundering (Jersey) Order 2008 • Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008 • Non-Profit Organizations (Jersey) Law 2008 – Auditors – Companies (Jersey) Law 1991 + Codes of Practice
  9. 9. Legislative “toolkit” • Significant number of laws, including: – Other • Control of Borrowing (Jersey) Law 1947 • Registration of Business Names (Jersey) Law 1956 • Limited Partnerships (Jersey) Law 1994 • Limited Liability Partnerships (Jersey) Law 1997 • Foundations (Jersey) Law 2009 • Incorporated Limited Partnerships (Jersey) Law 2011 • Separate Limited Partnerships (Jersey) Law 2011
  10. 10. Main activity areas 1. Policy 2. International engagement 3. Supervision 4. Enforcement 5. Internal Governance
  11. 11. IMF Evaluation Policy – ground rules Further Requirements Trust Company Business Real Presence “Top 500” Beneficial Ownership Company Activities International Standards IOSCO Basel IAIS FATF GIFCS
  12. 12. Policy - next 12 months FATF changes and local agenda IOSCO changes AIFMD, including engagement with ESMA Other EU “equivalence”, including AML RFA - review of financial advice “Shadow banking” Civil penalties Liquidity/ Vickers Report Sensitive business
  13. 13. International assessments: IMF Report 2009 • “Financial sector regulation and supervision are of a high standard and comply well with international standards” • “Jersey has put in place a comprehensive and robust framework for countering money laundering and terrorist financing” • Very high compliance ratings • Report clearly suggests Jersey is a very highly placed jurisdiction globally for financial supervision and fighting financial crime
  14. 14. Beneficial Ownership • Jersey’s current position; • General review of transparency of beneficial ownership of companies; • Preventing the misuse of companies and illicit activities; • Jersey application form.
  15. 15. Sensitive Activity • Prevention of illicit activities; • Our Policy; • Types of sensitive activity; • Our application form; • Application determination.
  16. 16. Conclusions • Our top priority is to deal with financial crime and what is most important in this respect is that law enforcement and tax authorities have access to information that is adequate, accurate and up- to-date; • We are a cooperative jurisdiction committed to complying with international standards; • Jersey and Brazil are both rated “largely compliant” by the Global Forum on Transparency and Exchange of Information for Tax Purposes.
  17. 17. Helpful links • Jersey Companies Registry at the Jersey Financial Services Commission: • Links to Jersey Finance Limited (JFL) brochures which may be useful to you. They may be found on the page: • Other generic JFL Brochure: centre#.UyLj9fl_sik • JFL Why Jersey (4 page doc): jersey#.UyLkD_l_sik • Jersey - First for Finance (5th edition, August 2013): finance#.UyLkK_l_sik
  18. 18. Brazil CRF Conference March 2014 Julian Lamb Director Registry