Featured Jersey

UBS Whistle-Blower Hunts Trillions Hidden in Treasure Isles

John Christensen called Jersey home. A native of the scenic isle off England’s southern coast, he was a government economist with a hillside villa that had views of France. “I was set,” Christensen said last month in an interview at a London cafe. “We had a pretty good lifestyle and… Read More

Lloyds Freezes Thousands of Jersey Accounts in Compliance Crackdown: Report

Lloyds Banking Group has frozen the Jersey-based accounts of approximately 8,000 offshore clients after they failed to submit identifying documents for three years, the Financial Times reported Sunday. The move was prompted by repeated requests for certified copies of identification records and other documentation that went unanswered for several years,… Read More

British Crown Dependencies to Publish Data on Corporate Owners

Guernsey, Jersey and the Isle of Man committed on Wednesday to naming the individuals who own or otherwise control corporations operating in their jurisdictions as part of an effort to meet EU anti-money laundering standards. Beginning in 2021, the islands will interconnect corporate beneficial ownership registers with similar databases in… Read More
10th June 2019
The news this week that the Bailiwick of Jersey had recovered more than $267 million linked to former Nigerian President Sani Abacha puts a spotlight on the banking sector’s vulnerability to money laundering. The funds, which were purportedly derived from corruption, had first been laundered through the US banking system… Read More
6th June 2019
Over $267 million has been seized from an account maintained for former Nigerian head-of-state Sani Abacha, according to the Bailiwick of Jersey. The funds, which have been transferred to Jersey’s Civil Asset Recovery Fund, were derived from corruption and laundered through the US banking system with aid of Abacha’s son… Read More
29th May 2019
Britain’s offshore territories the British Virgin Islands (BVI), Bermuda and the Cayman Islands were named in a study released on Wednesday as the most significant jurisdictions used by global companies to minimise their tax bills. Governments are stepping up efforts to recoup more tax from multinationals, with the European Commission… Read More
15th April 2019
European lawmakers are urging financial institutions and governments to address dozens of legal and supervisory shortcomings they say contributed to the proliferation of massive money laundering schemes in recent years. In a resolution adopted Thursday, the Council of Europe’s Parliamentary Assembly said that recent money laundering schemes linked to… Read More
27th August 2018
The UK’s parliamentary research department has published a paper on registers of beneficial ownership. The study outlines the beneficial ownership structure in the UK, and also looks at issues around its Overseas Territories. It explains that the UK has registers of beneficial ownership for three different types of assets: companies,… Read More
17th May 2018
The United Kingdom’s Crown dependencies (CDs) are facing increasing calls to adopt public registers of beneficial ownership, after British lawmakers voted to compel the overseas territories (OTs) to implement the measures. British parliamentarians from both the Tory and Labour parties recently voted to make it compulsory for the OTs to… Read More
2nd May 2018
Britain’s government agreed on Tuesday to order its overseas territories to make secretive company ownership information public to try to tackle corruption and tax avoidance. Overseas territories and crown dependencies have come under increasing pressure to reveal who is behind anonymously owned companies, with campaign groups saying such secrecy aids… Read More
19th February 2018
Jersey’s Royal Court has registered two new laws aimed at enabling the free movement of data between Jersey and the European Union. The Data Protection (Jersey) Law 2018 and Data Protection (Authority) Jersey Law 2018 come into effect in May 2018. The rules will also enable law enforcement agencies… Read More
13th February 2018
A quarter of property in England and Wales owned by overseas firms is held by entities registered in the British Virgin Islands, BBC analysis has found. The Caribbean archipelago is the official home of companies that own 23,000 properties – more than any other country. They are owned by 11,700… Read More
22nd December 2017
An offshore firm connected to the Paradise Papers has been ordered to pay almost €53m after a court ruled it had “manufactured” correspondence in a deliberate attempt to help a mother hide money from her estranged daughter. Appleby Mauritius, an offshore services firm owned by the law firm Appleby until… Read More