Jersey’s central register of beneficial ownership, held within the Jersey Financial Services Commission, has been in place since the 1980s. However, following a new transparency agreement signed in April between the States and the British government, the Island has reinforced its commitment to provide up-to-date and accurate details of company owners to UK law enforcement and tax authorities – in urgent cases within one hour from the time of request.
The UK agreement also applies to other Crown Dependencies and British Overseas Territories. However, calls for a publicly-available registry have to date been rejected by the Island’s authorities and industry representatives, on the basis that there would be no level playing field unless all jurisdictions agreed to comply.
Speaking at the JFSC annual business plan presentation last week, Commission chairman Lord Eatwell said that the updating of the beneficial ownership register was an essential component of market access.
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