Legislative amendments position Jersey as ‘innovative centre of excellence’
A series of legislative enhancements approved recently by Jersey’s States Assembly will bolster the jurisdiction’s reputation for globally focused philanthropy and cement its position as a forward-thinking centre for private wealth management, according to the CEO of Jersey Finance, Geoff Cook.
Last month, the remaining elements of the Charities (Jersey) Law were brought into force by the government of Jersey, while approval was also granted to a set of amendments to the Trusts (Jersey) Law.
Commenting on the development, Geoff Cook said: “The Charities Law positions Jersey right at the forefront of the rapidly evolving philanthropy sector and clearly demonstrates our forward-thinking approach. This latest development represents a vital step change in how Jersey is working with key partners to support globally-focussed philanthropic activity and underlines our ambition to provide a better, professional environment for philanthropic endeavour.
“We do not rest on our laurels, though, and the industry is continuing to work with the government to enhance our philanthropic platform even further by transposing the new charitable purposes definition into our trusts legislation, so that charitable trusts can benefit from it too. These positive steps can help position Jersey as a global centre of excellence for philanthropy, supporting projects adding real societal value around the world.”
Meanwhile, the changes to Jersey’s Trusts Law, which are the seventh set of amendments to have been made to the law since its introduction in 1984, are subject to Privy Council approval and are expected to be brought into force during 2018.
Geoff Cook added: “Innovation is a core part of our proposition that differentiates us from other centres and the amendments to our trust legislation, whilst subtle, will preserve its flexibility whilst also providing greater clarity to the global private wealth community at a time when certainty and stability are precious commodities.”