The Financial Action Task Force (FATF) has cited Jersey as a best practice example in its guide on best practices for identifying beneficial owners.
The report identifies common challenges that countries face in ensuring beneficial owners of companies are identified, and suggests key features of an effective beneficial ownership transparency regime.
Following publication of the paper, the Minister for External Relations, Senator Ian Gorst, said: "Four examples from Jersey's beneficial ownership regime were included in the FATF publication. The examples noted our use of regulated trust companies to incorporate most companies and the positive effect this has on the accuracy of Jersey's register.
The use of Jersey examples demonstrates the significant success we have achieved in developing our approach towards beneficial ownership transparency"
"They also noted the work of the Jersey Financial Services Commission in ensuring trust companies uphold the accuracy of beneficial ownership information, and the ease of access which the States of Jersey Police Joint Financial Crimes Unit has to beneficial ownership information, which can be shared with other police forces in the UK and further afield.
"The report acknowledges that countries find it challenging to achieve satisfactory levels of transparency on the beneficial ownership of companies. Against that backdrop, the use of Jersey examples demonstrates the significant success we have achieved in developing our approach towards beneficial ownership transparency."
The guide covers topics including: 1) FATF requirements for identifying beneficial owners behind legal entities, 2) common challenges faced in implementing beneficial ownership measures; 3) suggested approaches in identifying beneficial owners; 4) suggested key features of a beneficial ownership identification system; and 5) methods for obtaining beneficial ownership information from countries.