Consultation over BO register continues in Jersey   After the enactment of the Financial Services (Disclosure and Provision of Information) Law, on July 14th, Jersey Government has started discussions over the introduction of secondary legislation over the practical provisions for disclosure of information on beneficial ownership (BO) registers. “Secondary legislation will be crucial in order...Read More

FINMA authorises SO-FIT as supervisory organisation under FinIA and FinSA   Earlier in July, the Swiss Financial Market Supervisory Authority (FINMA) granted the first authorizations to the Geneva-based Surveillance des Instituts Financiers (OSIF) and the Surveillance Financière-based Organization based in Neuchâtel (OSFIN) to act as supervisory bodies under FinIA and FinSA. It has now been...Read More

EU-US Privacy Shield invalidated by CJEU. Troubles for FATCA?   On July 20, the Court of Justice of the European Union (CJEU) invalidated the EU-US Privacy Shield arrangement (drafted in 2016 by the European Commission). The deal had previously allowed the transfer of personal data from EU parties to US counterparts, providing a self-certification mechanism...Read More

UK government clarifies trust registration rules following 5AMLD Her Majesty’s Revenue and Customs (HMRC) has published the outcome of a technical consultation on the implementation of the EU Fifth Anti-Money Laundering Directive (5AMLD) and its impact on trust registration. It has been clarified that offshore trustees entering into a business relationship in the UK will...Read More

Mass commitment for British Overseas Territories in the opening of beneficial ownership registers With the introduction of the Sanctions and Money Laundering Act 2018, the UK government committed to issue a draft Order in Council before the end of 2020 to enforce the set-up of publicly available beneficial ownership (BOs) registers in all Overseas Territories...Read More