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ARTICLE · 01 SEPTEMBER 2020

Beneficial Ownership And Control

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Jersey applies the "Recommendations" of the Financial Action Task Force (FATF), which are recognised as the global standard in anti-money laundering and counter-terrorist financing.

JerseyCorporate/Commercial Law
David Dorgan
David Dorgan
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Jersey applies the "Recommendations" of the Financial Action Task Force (FATF), which are recognised as the global standard in anti-money laundering and counter-terrorist financing. Part of those Recommendations relate to beneficial ownership and control information (BOC) of legal persons or legal arrangements.

FAFT Recommendations

FATF Recommendations 24 and 25 require countries to ensure that adequate, accurate and timely information on the beneficial ownership and control of legal persons or on express trusts that can be obtained or accessed in a timely fashion by competent authorities. The aim of Recommendations 24 and 25 is to drill-down to the identification of persons who are the beneficial owners and controllers of legal persons or legal arrangements so they cannot hide their identity. This is to prevent illegal activities via corporate entities or trusts that can disguise identities and convert the proceeds of crime.

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