FATCA / CRS Update: Jersey Consultation Announced

The Minister for External Relations of the Government of Jersey (GoJ) recently announced a public consultation seeking views on a number of proposed changes to the operation of the Common Reporting Standard (CRS) and the US Foreign Account Tax Compliance Act (FATCA) in Jersey (the Consultation).

Below, we summarise the Consultation's proposed changes and their impact on the current FATCA and CRS regulatory regime in Jersey, together with further key developments.

Proposals

The proposed changes are to ensure that Jersey legislation implementing both the CRS and FATCA (the AEOI Regulations) remain fully in line with global expectations, and to address concerns raised by industry about a potential lack of clarity in respect of the imposition of penalties under the AEOI Regulations.