The Legal 500

Twitter Logo Youtube Circle Icon LinkedIn Icon
MIDLAND CHAMBERS, 2-10 LIBRARY PLACE, ST HELIER, JE1 2BP, JERSEY
Tel:
Work 01534 766254
Fax:
Fax 01534 737355
Email:
Web:
www.bakerandpartners.com

Show all Press releases

Baker & Partners Introduces the Criminal Finances Act 2017 to Local Industry at Briefing Event

May 2017

Baker & Partners invited members of Jersey’s financial services industry to discover the implications of the newly passed Criminal Finances Act 2017 at a Breakfast Briefing Event - Prevention Better Than a Cure? with Advocate Simon Thomas on 11th May 2017.

The briefing discussed several important areas and key changes that local finance businesses should acknowledge before the Criminal Finances Act 2017 comes into full force this autumn. Advocate Thomas focused on both legal and regulatory considerations associated with the legislation, outlining why the law has come about, what it means for financial institutions globally and what must be done to ensure full compliance under the Act. The briefing included an analysis of HMRC’s six Guiding Principles; prevention procedures that UK government expects to be in place in time for when the Act is implemented.

Advocate Thomas also examined the penalties that could impact businesses if they fail to prevent the facilitation of UK and foreign tax evasion, outlining the two new criminal offences that will introduce criminal liability for corporates or other bodies. He elaborated that individuals and “associated persons” could make an organisation liable under the new legislation.

Simon Thomas commented:

“While I would hope that most of Jersey’s financial services businesses will already have measures in place to mitigate non-compliance under the new Criminal Finances Act 2017, it’s nonetheless important to highlight these regulatory changes. This ensures local organisations are fully aware of the risks of non-compliance and can prepare for when the Act is implemented later this year. Further, Baker & Partners clients can now also benefit from our enhanced compliance and risk offering following the expansion of our regulatory team earlier this year. This brings together risk and compliance consultancy alongside our legal and regulatory services, under a more efficient and up-to-date offering. If local firms have any concerns regarding the Criminal Finances Act 2017, well-positioned to provide advice or full consultancy.” 

Find out more about Baker & Partners’ risk and compliance consultancy services: www.bakerandpartners.com

Legal Developments by:
Baker & Partners

Legal Developments in Jersey

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • Enhanced Information for Cayman Entities

    The Cayman Islands Government has passed a number of amendment laws to strengthen Cayman's anti-money laundering and counter-financing of terrorism regime. The laws, published on 8 August 2019, are intended to help address certain recommended actions in Cayman's legislative framework identified by the Caribbean Financial Action Task Force in its evaluation report published in March 2019.
  • New Cayman Data Protection Law – A guide for Cayman funds

    The Cayman Islands Data Protection Law, 2017 ( DP Law ) is currently scheduled to come into effect on 30 September 2019.  Once commenced, it will enact a framework of rights and duties to regulate the processing of individuals' personal data broadly based on the same internationally recognised privacy principles that form the basis for other data protection laws globally.  The DP Law will regulate the processing of all personal data in the Cayman Islands and will affect any entity established in the Cayman Islands, including investment funds, that processes personal data regardless of whether such processing takes place within the Cayman Islands and regardless of whether the personal data relates to Cayman individuals.  For our full briefing see Cayman Islands Data Protection Law: An Ogier Client Guide .
  • Exempt bodies: Substance regulations may still apply

    The Income Tax (Substance Requirements)(Implementation) Regulations, 2018 as amended (the Substance Regulations ) came into force on 1 January 2019 and have recently been further updated by The Income Tax (Substance Requirements)(Implementation)(Amendment) Regulations, 2019 (the Amendment Regulations ), with effect from 1 August 2019.  The Amendment Regulations have extended the scope of the Substance Regulations to include all tax exempt bodies that have been granted an exemption under paragraphs (3) and (5) of Schedule 1 of the Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989 (as amended) (the Exempt Bodies Ordinance ).  In addition, the Amendment Regulations clarify the scope of the Substance Regulations in relation to IP Assets and High Risk IP Companies – the balance of this note focuses on the change in status of tax exempt bodies. 
  • Cayman Islands wills law heralds a more flexible approach

    The rules recognising the legal formality of wills in the Cayman Islands are prescriptive, requiring the will to be executed in writing, signed at the foot of the document by the testator and witnessed by two witnesses who formally attest the will in writing in the presence of the testator.
  • Luxembourg Government submits bill to Parliament implementing the EU Anti-Tax Avoidance Directive 2

    On 8 August 2019, the Luxembourg Government submitted a draft law to the Parliament (the Draft Law ) to implement the Council Directive (EU) 2017/952 of 29 May 2017 ( ATAD 2 or the Directive ) into Luxembourg domestic law.
  • Ogier fund finance team now offers Luxembourg legal advice from US time zone with return of Catharin

    Ogier's fund finance team now offers Luxembourg legal advice from a US time zone with the return of fund finance specialist Catharina von Finckenhagen to the Cayman Islands as a dual-qualified Luxembourg advocate and Cayman attorney.
  • Enhanced Information for Cayman Entities

    The Cayman Islands Government has passed a number of amendment laws to strengthen Cayman's anti-money laundering and counter-financing of terrorism regime. The laws, published on 8 August 2019, are intended to help address certain recommended actions in Cayman's legislative framework identified by the Caribbean Financial Action Task Force in its evaluation report published in March 2019.
  • Register of beneficial owners deadline approaching – are you ready?

    As of 1 March 2019, the Luxembourg law of 13 January 2019 (the Law ) creating a register of beneficial owners ( Registre des bénéficiaires effectifs or " RBE ") is in force.
  • Jersey substance proposals – the Banking and Finance perspective

    EU finance ministers have formally approved Jersey's economic substance legislation by removing the jurisdiction from the "grey list" on 12 March 2019 and the Privy Council granted formal approval to the Taxation (Companies - Economic Substance) (Jersey) Law 2019 (the Law) on 13 March 2019. The Law takes effect from 1 January 2019.
  • Ogier advises on $889 million acquisition of AIM traded payment services company by way of scheme of

    Ogier has advised Canadian payments technology company Nuvei Corporation on the US$889 million acquisition of AIM traded SafeCharge International Group Limited by means of a Court-sanctioned Guernsey scheme of arrangement.