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Jersey consultation on OBLIGED ENTITY ACCESS to Central Register of Companies

02/05/2024

JerseyGov consultation on obliged entity access to Jersey’s Central Register of Companies and legal persons

The Government of Jersey has opened a consultation [April 2024] on draft legislation concerning PERSONS OBLIGED TO CONDUCT CUSTOMER DUE DILIGENCE (“CDD") [obliged entity access] to Jersey's central register of beneficial ownership and control.

The deadline for the above consultation feedback is 7 June 2024.

The Governments of Guernsey, Jersey and the Isle of Man have committed to deliver the OBLIGED ENTITY ACCESS in 2024.

ABOUT THE CONSULTATION

​​​​​The above referenced April 2024 consultation follows the Obliged Entity access to information consultation in October 2022,

The JerseyGov are now seeking views on the draft legislation which will enable access to Jersey's central register of beneficial ownership and control for obliged entities.

Proposed access will be for PERSONS OBLIGED TO CONDUCT CUSTOMER DUE DILIGENCE (“CDD") in accordance with the Money Laundering (Jersey) Order 2008 (the “MLO").

LIMB A & B

This April 2024 consultation seeks feedback on draft legislation concerning OBLIGED ENTITY ACCESS which will meet the requirement of LIMB (A) of the revised commitment.

It should be noted LIMB (B) of the commitment relating to LEGITIMATE INTEREST ACCESS, whilst briefly discussed, is not directly consulted in this paper.

BACKGROUND

In 2022, the Government of Jersey issued a high-level consultation paper on proposals to enable obliged entity access to the central register of beneficial ownership and control.

Responses to the consultation were generally supportive of the approach, noting that the implementation of the policy may bring benefits to the industry. A response paper was published in December 2022.

The intention was to implement obliged entity access in 2023, in line with a 2019 commitment on transparency of beneficial ownership and control, however,

  • Following decisions in the Court of Justice of the European Union (the “CJEU"), the Government of Jersey together with the Governments of Guernsey and the Isle of Man sought legal advice as to the approach on access to the registers.

As a result of those decisions and the advice obtained, a revised joint commitment was issued in December 2023.

This commitment supersedes the 2019 commitment published by the Governments of Guernsey, Jersey and the Isle of Man.

The 2023 commitment agreed to:

  1. ​Deliver obliged entity access in 2024.​
  2. Develop and deliver legitimate interest access in a leading timeframe.

HOW TO SUBMIT COMMENTS TO THE CONSULTATION

You can submit your comment​s online.​

You can also submit your response:​​

  • By email to Economy@gov.je with the subject he​ading FAO Thomas Wright
  • By post to: FAO Thomas Wright, Department for the Ec​​onomy, 19-21 Broad Street, St Helier, JE2 3RR​​​

Jersey Finance will also be collating an industry response. These responses should be sent:

  • By email to lisa.springate​@jerseyfinance.je
  • By post to: Lisa Springate, Jersey Finance Limited, 4th Floor Sir Walter Raleigh House, 48-50 Esplanade, St Helier, Jersey, JE2 3Q​​

​​Sources

JERSEY

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