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Financial Services (Disclosure and Provision of Information) (Jersey) Law 202-

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

An accurate record of “Ministerial Decisions” is vital to effective governance, including:

  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

  • providing a record of decisions and actions that will be available for examination by States Members, and Panels and Committees of the States Assembly; the public, organisations, and the media; and as a historical record and point of reference for the conduct of public affairs

Ministers are individually accountable to the States Assembly, including for the actions of the departments and agencies which discharge their responsibilities.

The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made on 29 May 2020

MINISTERIAL DECISION REFERENCE:    MD-ER-2020-0036

DECISION SUMMARY TITLE:  Draft Financial Services (Disclosure and Provision of Information) (Jersey) Law 202- Decision to lodge “au Greffe”

DECISION SUMMARY AUTHOR:

Lead Policy Advisor, Financial Services

IS THE DECISION SUMMARY PUBLIC OR EXEMPT?  

Public

 

REPORT TITLE:  Draft Financial Services (Disclosure and Provision of Information) (Jersey) Law 202-

REPORT AUTHOR OR NAME OF PERSON GIVING REPORT:  (if different from Decision  Summary Author)

Lead Policy Advisor, Financial Services

IS THE REPORT PUBLIC OR EXEMPT 

Public

DECISION AND REASON FOR THE DECISION:

The Minister for External Relations approved for lodging “au Greffe” the Draft Financial Services (Disclosure and Provision of Information) (Jersey) Law 202- (the ‘Draft Law’) with the attached report and signed the statement of compliance with the Human Rights (Jersey) Law 2000.

The Draft Law places on a statutory footing the requirements currently contained in consents issued to entities on incorporation under the Control of Borrowing (Jersey) Order 1958 (‘COBO’) relating to filing and updating of beneficial ownership information.  The Draft Law will be the framework upon which the Government of Jersey builds its commitment in relation to beneficial ownership more generally.

The Draft Law also seeks to ensure Jersey’s compliance with requirements of the Financial Action Task Force (FATF) International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation (the ‘2012 Recommendations’). The Draft Law specifically addresses the requirements of Recommendation 24 of the 2012 Recommendations (Transparency and Beneficial Ownership of Legal Persons).

 

RESOURCE IMPLICATIONS:

There are no resource implications for the States as a result of this decision.

ACTION REQUIRED:

The Minister’s Private Secretary to advise the Greffer of the States of this decision and request that the Draft Law is lodged “au Greffe” for debate by the States at the earliest opportunity.  

SIGNATURE:

 

 

SENATOR IAN GORST

POSITION:

 

 

MINISTER FOR EXTERNAL RELATIONS

 

 

DATE SIGNED

EFFECTIVE IMMEDIATELY

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