Jersey directors - six days and counting – register or risk imprisonment for up to 7 years and/or a financial penalty.
Changes to the Proceeds of Crime (Jersey) Law 1999 in Jersey earlier this year mean that more businesses and individuals, including individual sole trader directors, need to register with the JFSC for Schedule 2 activities [e.g., Director activities] by the end of this month [September 30th @ 23.59HR]
A person who fails to register as a Schedule 2 business and then carries on unauthorised Schedule 2 business may be found to be in contravention of Article 10 of the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008 (Supervisory Bodies Law), which is an offence carrying liability to imprisonment for a maximum term of 7 years and/or a financial penalty.
The JFSC has issued guidelines pursuant to Article 36(2) of the Proceeds of Crime Law. the guidelines assist with the interpretation of the expression “when conducted as a business” or any provision in Schedule 2, including any expression used in Schedule 2.
- Guidance = https://www.jerseyfsc.org/media/6448/guidelines-on-interpretation-of-article-36.pdf
- Additional guidance = https://www.jerseyfsc.org/news-and-events/who-needs-to-register-with-the-jfsc-for-schedule-2-activities/
As always, please feel free to contact the Comsure team if you need any help with the above.
Mathew Beale -
T (Jersey) +44 1534 733-588 /+44 7797 747-490
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