Jersey directors - six days and counting – register or risk imprisonment for up to 7 years and/or a financial penalty.
25/09/2023
Changes to the Proceeds of Crime (Jersey) Law 1999 in Jersey earlier this year mean that more businesses and individuals, including individual sole trader directors, need to register with the JFSC for Schedule 2 activities [e.g., Director activities] by the end of this month [September 30th @ 23.59HR]
A person who fails to register as a Schedule 2 business and then carries on unauthorised Schedule 2 business may be found to be in contravention of Article 10 of the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008 (Supervisory Bodies Law), which is an offence carrying liability to imprisonment for a maximum term of 7 years and/or a financial penalty.
The JFSC has issued guidelines pursuant to Article 36(2) of the Proceeds of Crime Law. the guidelines assist with the interpretation of the expression “when conducted as a business” or any provision in Schedule 2, including any expression used in Schedule 2.
- Guidance = https://www.jerseyfsc.org/media/6448/guidelines-on-interpretation-of-article-36.pdf
- Additional guidance = https://www.jerseyfsc.org/news-and-events/who-needs-to-register-with-the-jfsc-for-schedule-2-activities/
As always, please feel free to contact the Comsure team if you need any help with the above.
Mathew Beale -
T (Jersey) +44 1534 733-588 /+44 7797 747-490
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.