Jersey – Beneficial Ownership to UK

Jersey – Beneficial Ownership to UK

On 12 July 2019, JER States reviewed beneficial data sharing with UK.

  • Review found Jersey's company beneficial ownership information sharing effective.

Overview

  • In 2016, Jersey with Guernsey, the Isle of Man and six British Overseas Territories, signed agreement with UK to providing UK with beneficial ownership information.
  • Arrangement, known as exchange of notes (EoN) came into force on 1 July 2017.

Review

  • Periodic statutory review to assess EoN effectiveness was presented to Parliament.
  • Report found overall EoN is functioning well and that it has been extremely useful.
  • Jersey applying stringent ownership thresholds for entities considered a high risk.
  • And was also noted as an example of best practice with processes to prevent any
    new entity being created if it is not entered onto the beneficial ownership register.
  • And which continually verify and assure the accuracy of information on the register.
  • During first 18 months 26 requests for information on Jersey register were made.
  • Responses provided for all requests made and almost all within agreed timeframe.
  • No instances in which search/any details about a search became public knowledge.