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ARTICLE · 25 AUGUST 2023

PTC Update: Clarification Of Application Of NPTO

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The Government, further to consultation with the Jersey Financial Services Commission ("JFSC"), has recently published an Order clarifying the scope of the Proceeds of Crime...

JerseyCriminal Law
Jonathan Heaney
Jonathan Heaney
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Dilmun Leach
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Tom Fothergill
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Sian Langley
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Amman Bulchandani
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The Government, further to consultation with the Jersey Financial Services Commission ("JFSC"), has recently published an Order clarifying the scope of the Proceeds of Crime (Duties of Non-Professional Trustees) (Jersey) Order 2016 (the "NPTO") (the "Order").

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The Order

The Order makes the following proposed amendments to the NPTO:

  • clarifies that the NPTO only applies to natural persons, such that legal persons should not be considered non-professional trustees under the NPTO; and
  • aligns the terminology of the NPTO with terminology adopted by the financial action task force (the "FATF"), by replacing the existing term "by way of business" with the FATF term "as a business".

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