Jersey [UK] Specific sanctions related to trust services and Russia.
18/12/2024
Jersey and the UK has implemented specific sanctions related to trust services, particularly in response to Russia’s actions.
Here are the key points:
- Prohibition on Trust Services: Since December 16, 2022, it has been prohibited to provide new trust services to or for the benefit of persons connected with Russia. This includes creating or managing trusts, providing registered offices, business addresses, or acting as a trustee
- Designated Persons: As of March 21, 2023, individuals designated under Regulation 11 (asset freeze) are also designated under Regulation 18C (trust services). This means providing trust services to these individuals is prohibited unless permitted by a license or an applicable exception
- General License for Wind Down: The Office of Financial Sanctions Implementation (OFSI) has issued a general license allowing 90 days to wind down trust services for designated persons.
ALSO, on 5TH DECEMBER 2024 THE FOLLOWING WAS ADOPTED
Further to the above here are some definitions.
- Definition of Connection: A person is considered connected with Russia if they are normally resident in or located in Russia. For corporate bodies, this means being incorporated or constituted under Russian law or domiciled in Russia
- Designated Persons: The sanctions specifically prohibit providing trust services to individuals or entities designated under Regulation 11 (asset freeze) and Regulation 18C (trust services). As of March 21, 2023, this includes 1730 designated persons
- Scope of Trust Services: The prohibited trust services include creating or managing trusts, providing registered offices, business addresses, or acting as a trustee
- Exemptions and Licenses: There are some exemptions, such as services that were already being provided before the sanctions came into force. Additionally, special licenses can be sought from the Office of Financial Sanctions Implementation (OFSI) for extraordinary situations
Source:
- Trust Services Sanctions update – Office of Financial Sanctions .... https://ofsi.blog.gov.uk/2023/03/21/trust-services-sanctions-update/.
- UK government bans trust services for designated Russian persons. https://www.step.org/industry-news/uk-government-bans-trust-services-designated-russian-persons.
- Trust Services Sanctions update – Office of Financial Sanctions .... https://ofsi.blog.gov.uk/2023/03/21/trust-services-sanctions-update/.
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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.