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
  • Modernisation of Jersey’s pensions law

    Modernisation of Jersey’s pensions law
  • Jersey Opens the door to QROP’s

    Jersey opens the door to QROPs
  • Jersey Legislation Overview

    Jersey Legislation Overview
  • Civil Liability for Breaches of the Codes

    Civil Liability for Breaches of the Codes
  • AML Update: Review of 2014 amendments to the substantive offences

    AML Update: Review of 2014 amendments to the substantive offences under the Proceeds of Crime (Jersey) Law 1999 
  • The New Charities Law - a bright new dawn

    As of Friday 21 November 2014, the new Charities (Jersey) Law 2014 (the " Law ") (or at least certain parts of it) came into effect.  This represents a quantum leap forward for Jersey in the charity field.  The Law has introduced a new test for what is charitable (the " Charity Test "), has introduced the post of a Charity Commissioner and a Charity Tribunal, and in time will introduce standards that those who run charities in the Island will have to abide by.  It is hoped that the Law will enable the Island to flourish as a centre for the administration of charitable and philanthropic structures.
  • New Managed Account Regime for Jersey Hedge Fund Managers

    An exemption which will enable Jersey-regulated fund managers to be appointed in relation to managed accounts has now been introduced.  This will enable hedge fund managers that are already regulated under the Financial Services (Jersey) Law (FS Law) in Jersey to carry out fund services business (FSB) to also service qualifying segregated managed accounts (QSMAs) without the need to seek additional regulation for the conduct of investment business under the FS Law.
  • The Security Interests (Jersey) Law 2012: Changes to Jersey's security regime

    On 2 January 2014, the Security Interests (Jersey) Law 2012 came into force in respect of Jersey law security over intangible movable property (e.g. shares/securities, bank accounts and custody assets).  The new law replaces the Security Interests (Jersey) Law 1983 (which was in force for the last three decades) and introduces a number of important changes which modernise Jersey's security regime.
  • Exclusive and Inherent Jurisdictions: to boldly go where no Court has gone before?

    On 26 November 2014, the Privy Council delivered judgment in the long-running case of Crociani & Others v. Crociani & Others [2014] UKPC 40 .  The case is of interest to trustees because it provides conclusive and binding guidance on the treatment of exclusive jurisdiction clauses in trust deeds.  However, it also raises questions as to the fundamental nature of the inherent supervisory jurisdiction of the Royal Court in connection with trust matters, and whether it is in fact broader than previously thought.
  • Accessing EU Institutional investor capital

    Luxembourg is one of the largest global investment fund domiciles, benefiting from the following factors: