BusinessCompany NewsJersey considers extending registration rules

Jersey considers extending registration rules

Proposals to extend Jersey's powers to obtain information on beneficial owners and activities of companies based on the island have been put to its finance industry.

The proposals, in the form of a consultation document, and issued by the Jersey Financial Services Commission, could strengthen the powers the commission currently has to protect island companies from abuse.

The new measures would also help to remove potential loopholes – particularly in preventing companies undertaking ‘sensitive activities’ such as arms dealing.

‘The Commission already has extensive powers to establish who is behind Jersey companies and to ensure they do not carry out undesirable activities. These new proposals will reinforce those powers, put them on a more secure and more transparent legal footing and make them more effective and extensive’, claimed Richard Pratt, director general of the Jersey Financial Services Commission.

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