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Financial Services Commission (Jersey) Law 1998: Issue of Direction: Beneficial Ownership and Control - Exchange of Information

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 30 June 2017:

MINISTERIAL DECISION REFERENCE:    MD-C-2017-0093

DECISION SUMMARY TITLE:  Direction issued to the JFSC pursuant to Article 12 of the Financial Services Commission (Jersey) Law 1998 - Exchange of information on Beneficial Ownership and Control with the Joint Financial Crime Unit of the States of Jersey Police (the “JFCU”)

 

DECISION SUMMARY AUTHOR:

Lead Policy Adviser, Financial Crime and Private Wealth

IS THE DECISION SUMMARY PUBLIC OR EXEMPT?  

Public

REPORT TITLE:  Direction issued to the JFSC pursuant to Article 12 of the Financial Services Commission (Jersey) Law 1998 - Exchange of information on Beneficial Ownership and Control with the Joint Financial Crime Unit of the States of Jersey Police (the “JFCU”)

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

Lead Policy Adviser, Financial Crime and Private Wealth

IS THE REPORT PUBLIC OR EXEMPT 

Public

DECISION AND REASON FOR THE DECISION:

Pursuant to Article 12 of the Financial Services Commission (Jersey) Law 1998 (the “Commission Law”), and after consulting with the Jersey Financial Services Commission (“the Commission”), the Chief Minister considers that it is necessary and in the public interest, to issue a Direction in respect of the policies to be followed by the Commission in relation to the supervision and development of financial services in Jersey and the manner in which any function of the Commission is to be carried out.

 

The specific Direction relates to the exchange of information on Beneficial Ownership and Control with the Joint Financial Crime Unit of the States of Jersey Police (the “JFCU”) pursuant to Jersey signing an international agreement with the Government of the United Kingdom on 13 April 2016 (the “Exchange of Notes”) in respect of the sharing of Beneficial Ownership information. That agreement comes into effect no later than 30 June 2017.

 

It is the policy of the Government of Jersey that the jurisdiction fulfils the obligations of international agreements and that our own law enforcement is able to obtain and, where appropriate, exchange beneficial ownership information with overseas law enforcement and tax authorities in the furtherance of the worldwide fight against financial crime.

RESOURCE IMPLICATIONS:

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

ACTION REQUIRED:

That the Lead Policy Adviser, Financial Crime and Private Wealth, inform the Commission of the Direction.

SIGNATURE:

 

 

SENATOR IAN GORST

POSITION:

 

 

CHIEF MINISTER OF JERSEY

 

 

DATE SIGNED

EFFECTIVE DATE OF THE DECISION

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