01 May 2018
An Amendment to the UK Sanctions and Anti-Money Laundering Bill, that would have tried to make Jersey create a public register of beneficial ownership, has been withdrawn.
The Chief Minister, Senator Ian Gorst, issued the following statement:
“I'm pleased that the UK Parliament has chosen not to seek to impose its will on Jersey, in direct contradiction of constitutional law, and ignoring the substantial work of the Island on transparency and robust financial regulation.
“This decision recognises the constitutional autonomy of the Island, and preserves the established historical relationship between Jersey and the United Kingdom.
“It also acknowledges our position as a leading jurisdiction in matters of transparency and in the prevention of financial crime and money laundering, for which we have been recognised by the OECD, MONEYVAL and the Financial Action Task Force.
“We will continue to pursue the highest international standards and will consult with the UK in relation to their implementation – including of the fourth and fifth Anti-Money Laundering Directives, the EU’s progressive legislation designed to counter money laundering. This is in line with our existing good neighbour relationship with the EU and the fact that we have considered the implementation of previous EU Directives in this area. However, we will do this in our own time.
“We will also continue active engagement with UK Parliamentarians to ensure that our regulatory and constitutional position are well understood in Westminster and continue to be respected.”