On 5 December 2024 the UK's Sanctions (EU Exit) (Miscellaneous Amendments) (No.2) Regulations 2024 came into force. The UK Regulations are made under the UK Sanctions and Anti-Money Laundering Act 2018 ("SAMLA") and make...more
1/10/2025
/ Anti-Money Laundering ,
Artificial Intelligence ,
Beneficial Owner ,
Compliance ,
Data Breach ,
Data Protection ,
Deferred Prosecution Agreements ,
Financial Crimes ,
Financial Services Industry ,
Income Taxes ,
Investors ,
Island of Guernsey ,
OECD ,
Proposed Rules ,
Risk Assessment ,
Sanctions ,
Sanctions and Anti-Money Laundering Act 2018 (SAMLA) ,
Terrorist Financing ,
UK
Guernsey has passed legislation to implement the OECD's global minimum tax rate of 15%, known as "Pillar 2", which will apply for fiscal years commencing on or after 1 January 2025....more
The importance of whistleblowers cannot be understated for ensuring the highest standards are maintained in financial services businesses.
Outside the realm of financial services, the #MeToo movement has renewed the focus...more
Jersey has passed legislation to implement the OECD's global minimum tax rate of 15%, known as "Pillar 2", which will apply for fiscal years commencing on or after 1 January 2025....more
It is possible to issue RWA tokens using a Jersey company to act as the issuer.
The Jersey regulator has published a guidance note on the tokenisation of RWAs.
This guidance note sets out the applicable requirements and...more
11/11/2024
/ Anti-Money Laundering ,
Audits ,
Digital Assets ,
Financial Services Industry ,
Lending ,
Marketing ,
Policies and Procedures ,
Popular ,
Recordkeeping Requirements ,
Regulatory Agenda ,
Stablecoins ,
UK
Jersey is a well-established jurisdiction of choice for issuing debt securities in international finance transactions. Recently, we have seen a steady increase in interest in Jersey debt securities issuers either for a...more
The financial services sector in the Channel Islands has seen the publication of a report by MONEYVAL, a proposal to increase administrative penalties and the release of two public statements.
The Bailiwick gambling...more
10/2/2024
/ AIFs ,
AML/CFT ,
Audits ,
Channel Islands ,
Compliance ,
Data Protection ,
Disclosure Requirements ,
Fees ,
Financial Crimes ,
Gambling ,
Money Laundering ,
OECD ,
Penalties ,
Regulatory Agenda ,
Reporting Requirements ,
Sustainability
Financial technology is already well established in Jersey, and firms are embedding technological solutions which enhance their products and services, increase efficiencies, and provide greater transparency.
Originally...more
9/30/2024
/ AML/CFT ,
Blockchain ,
Crypto Exchanges ,
Cryptocurrency ,
Digital Assets ,
Economic Substance Doctrine ,
Exemptions ,
FATF ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Global Financial Innovation Network (GFIN) ,
Initial Coin Offering (ICOs) ,
Licensing Rules ,
Money Laundering ,
Registration Requirement ,
RegTech ,
Regulatory Agenda ,
Terrorist Financing ,
Tokenization ,
Transparency
Following Jersey's intention to implement the OECD proposals for a 15% global minimum tax rate (known as "Pillar 2") in May 2024, draft legislation has now been lodged introducing a new standalone Multinational Corporate...more
Following on from the Crown Dependencies re-affirming their commitment to implementing the Organisation for Economic Co-operation and Development’s Pillar Two framework for accounting periods commencing on or after 1 January...more
The Crown Dependencies have re-affirmed their commitment to international tax standards and the continued value of inter-island cooperation in areas of mutual interest in international tax policy.
Ministers from...more
Jersey: Consultation paper on access to information -
On 26 April 2024, the States of Jersey published its latest consultation paper on "Access to information on Jersey's Central Register of Companies and legal persons"....more
The Minister for External Relations of the Government of Jersey (GoJ) recently announced a public consultation seeking views on a number of proposed changes to the operation of the Common Reporting Standard (CRS) and the US...more
The Jersey Financial Services Commission (JFSC) has recently shared its guidance outlining what Virtual Asset Service Providers (VASPs) need to do to follow the 'travel rule'. This article simplifies the concept of the travel...more