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Jersey’s Beneficial Ownership Register is now active

Jersey’s Financial Services (Disclosure and Provision of Information) Law 2020 was adopted on 14 July 2020 and registered on 23 October 2020. The commencement date was initially scheduled for 1 October 2020, but was pushed to 6 January 2021 due to the concern raised by industry’s experts that the notice was insufficient given the current circumstances of the pandemic

From January 6, Jersey therefore established a new central register of beneficial owners and significant persons, covering the following entities:

  • Companies
  • Foundations
  • incorporated limited partnerships
  • separate limited partnership
  • limited liability companies
  • limited liability partnerships

30 April 2021 is the deadline for all in-scope entities to update the new register, with details of all entities’ significant persons that will be made public on 30 July 2021.

The most significant changes will affect foundations incorporated under the Foundations (Jersey) Law 2009, as up to the end of 2020 charter’s regulations remained a private document not available for public inspection, but with the new Law, the filing of such regulations will be mandatory, as recommended by FATF.

SOURCE: www.jerseylaw.je