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Information and public services for the Island of Jersey

L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

Consultation response published – access to beneficial ownership information on legal entities

22 December 2022

​Today the Government of Jersey published its response and policy paper on obliged entity access to the beneficial ownership register when conducting customer due diligence (CDD). Permitting such access will ensure that Jersey remains aligned with developing international standards in this area.

Jersey’s Minister of External Relations and Financial Services, Deputy Philip Ozouf welcomed the publication, commenting: “The publication of this consultation response demonstrates Jersey’s commitment to enhancing access to beneficial ownership information where it is right and proper to do so. This policy demonstrates that Jersey continues to effectively develop and implement policies in line with evolving international standards, thereby maintaining its position as a leading jurisdiction in respect of access to accurate and up to date beneficial ownership information.”

In 2019, the Crown Dependencies (Guernsey, the Isle of Man and Jersey) (‘we’) made a public commitment concerning Registers of beneficial ownership of companies (the “public commitment”). We have a longstanding, and independently assessed, track record of meeting international standards. We are proud of our global leadership in tax cooperation, combatting money laundering and countering the financing of terrorism and in providing appropriate and effective transparency. 

The recent judgment of the Court of Justice of the European Union impacts considerations in the Crown Dependencies around implementing the public commitment in line with consideration of factors around data protection and human rights. We have all committed to provide access to obliged entities for the purpose of conducting customer due diligence by the end of 2022 and have therefore consulted on the position and produced policy positions. However, in light of this CJEU judgment, implementation of this legislation will be delayed for a short period to enable consideration of its impact and obtain specialist legal advice, this is expected to be completed in early 2023. Subject to that advice, our intention is to adopt legislation in our respective jurisdictions as soon as possible after this time.

In respect of extending access beyond obliged entities, we intend to obtain expert legal advice on all relevant issues and, in due course, intend to review the public commitment in line with that advice and any recent development of international best practice

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