Approach taken by registries to obtain beneficial owner information julian lamb
-
Upload
corporate-registers-forum -
Category
Economy & Finance
-
view
421 -
download
3
Transcript of Approach taken by registries to obtain beneficial owner information julian lamb
![Page 1: Approach taken by registries to obtain beneficial owner information julian lamb](https://reader033.fdocuments.in/reader033/viewer/2022060107/554adab6b4c905a37c8b48e6/html5/thumbnails/1.jpg)
Brazil CRF Conference March 2014
Julian LambDirector Registry
![Page 2: Approach taken by registries to obtain beneficial owner information julian lamb](https://reader033.fdocuments.in/reader033/viewer/2022060107/554adab6b4c905a37c8b48e6/html5/thumbnails/2.jpg)
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)
![Page 3: Approach taken by registries to obtain beneficial owner information julian lamb](https://reader033.fdocuments.in/reader033/viewer/2022060107/554adab6b4c905a37c8b48e6/html5/thumbnails/3.jpg)
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
![Page 4: Approach taken by registries to obtain beneficial owner information julian lamb](https://reader033.fdocuments.in/reader033/viewer/2022060107/554adab6b4c905a37c8b48e6/html5/thumbnails/4.jpg)
Financial Services Commission (Jersey) Law
1998
Unitary Regulator
Statutory body corporate
Independent of
Government
Accountable to States of Jersey
![Page 5: Approach taken by registries to obtain beneficial owner information julian lamb](https://reader033.fdocuments.in/reader033/viewer/2022060107/554adab6b4c905a37c8b48e6/html5/thumbnails/5.jpg)
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
![Page 6: Approach taken by registries to obtain beneficial owner information julian lamb](https://reader033.fdocuments.in/reader033/viewer/2022060107/554adab6b4c905a37c8b48e6/html5/thumbnails/6.jpg)
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
![Page 7: Approach taken by registries to obtain beneficial owner information julian lamb](https://reader033.fdocuments.in/reader033/viewer/2022060107/554adab6b4c905a37c8b48e6/html5/thumbnails/7.jpg)
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 (protectyourmoney.je)
– Framework for handling of financial stability issues
– Facilitating industry compliance with financial sanctions (UN and EU based)
![Page 8: Approach taken by registries to obtain beneficial owner information julian lamb](https://reader033.fdocuments.in/reader033/viewer/2022060107/554adab6b4c905a37c8b48e6/html5/thumbnails/8.jpg)
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
![Page 9: Approach taken by registries to obtain beneficial owner information julian lamb](https://reader033.fdocuments.in/reader033/viewer/2022060107/554adab6b4c905a37c8b48e6/html5/thumbnails/9.jpg)
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
![Page 10: Approach taken by registries to obtain beneficial owner information julian lamb](https://reader033.fdocuments.in/reader033/viewer/2022060107/554adab6b4c905a37c8b48e6/html5/thumbnails/10.jpg)
Main activity areas
1. Policy 2. International engagement
3. Supervision 4. Enforcement
5. Internal Governance
![Page 11: Approach taken by registries to obtain beneficial owner information julian lamb](https://reader033.fdocuments.in/reader033/viewer/2022060107/554adab6b4c905a37c8b48e6/html5/thumbnails/11.jpg)
IMFEvaluation
Policy – ground rules
Further Requirements
Trust Company Business
Real Presence
“Top 500”
Beneficial Ownership
Company Activities
International Standards
IOSCO Basel IAIS FATF GIFCS
![Page 12: Approach taken by registries to obtain beneficial owner information julian lamb](https://reader033.fdocuments.in/reader033/viewer/2022060107/554adab6b4c905a37c8b48e6/html5/thumbnails/12.jpg)
Policy - next 12 months
FATF changes and local agenda IOSCO changes
AIFMD, includingengagement with
ESMA
Other EU “equivalence”, including AML
RFA - review offinancialadvice
“Shadowbanking”
Civil penalties
Liquidity/Vickers Report
Sensitive business
![Page 13: Approach taken by registries to obtain beneficial owner information julian lamb](https://reader033.fdocuments.in/reader033/viewer/2022060107/554adab6b4c905a37c8b48e6/html5/thumbnails/13.jpg)
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
![Page 14: Approach taken by registries to obtain beneficial owner information julian lamb](https://reader033.fdocuments.in/reader033/viewer/2022060107/554adab6b4c905a37c8b48e6/html5/thumbnails/14.jpg)
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.
![Page 15: Approach taken by registries to obtain beneficial owner information julian lamb](https://reader033.fdocuments.in/reader033/viewer/2022060107/554adab6b4c905a37c8b48e6/html5/thumbnails/15.jpg)
Sensitive Activity
• Prevention of illicit activities;• Our Policy;• Types of sensitive activity;• Our application form;• Application determination.
![Page 16: Approach taken by registries to obtain beneficial owner information julian lamb](https://reader033.fdocuments.in/reader033/viewer/2022060107/554adab6b4c905a37c8b48e6/html5/thumbnails/16.jpg)
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.
![Page 17: Approach taken by registries to obtain beneficial owner information julian lamb](https://reader033.fdocuments.in/reader033/viewer/2022060107/554adab6b4c905a37c8b48e6/html5/thumbnails/17.jpg)
Helpful links
• Jersey Companies Registry at the Jersey Financial Services Commission: www.jerseyfsc.org
• Links to Jersey Finance Limited (JFL) brochures which may be useful to you. They may be found on the page: www.jerseyfinance.je/publications
• Other generic JFL Brochure: www.jerseyfinance.je/publications/jersey---the-international-finance-centre#.UyLj9fl_sik
• JFL Why Jersey (4 page doc): www.jerseyfinance.je/publications/why-jersey#.UyLkD_l_sik
• Jersey - First for Finance (5th edition, August 2013): www.jerseyfinance.je/publications/jersey---first-for-finance#.UyLkK_l_sik
![Page 18: Approach taken by registries to obtain beneficial owner information julian lamb](https://reader033.fdocuments.in/reader033/viewer/2022060107/554adab6b4c905a37c8b48e6/html5/thumbnails/18.jpg)
Brazil CRF Conference March 2014
Julian LambDirector Registry