27 October 2022
Any Islander who is the non-professional trustee of a privately-administered trust is being asked to
contribute to a Government’s assessment of the risk of financial crime posed by legal persons and
arrangements (LPAs).
The Government of Jersey is assessing the risk of money laundering, terrorist financing and the
financing of the proliferation of weapons of mass destruction that is posed by all Jersey companies,
partnerships, trusts and other similar vehicles.
Questionnaires are being used to collect the data needed to assess the risk. Incorporated companies
and regulated trusts have already been asked to provide their data, and questionnaires have been
published for privately-administered trusts to download, complete and submit.
The Director of Financial Crime Strategy, George Pearmain, said: “We have to identify any areas for
improvement in the Island’s policies, procedures and legislation necessary in our continued drive to
combat financial crime.
“Privately-administered trusts are often set up to ensure that family wealth is protected, or a child’s
financial future is ensured, in the event of something happening to the parents. There is nothing
illegal about them, and we don’t want to interfere in these private arrangements, but it is vital that
they respond so that we can understand the risk profile of these arrangements.
“The data they provide will first be anonymised and will be used to further develop this risk
understanding. Accurate and current data is fundamental if we are to reach conclusions and
recommendations that are relevant, practical and proportionate to the risks posed.”
The data is being collected by the Jersey Financial Services Commission (JFSC) on behalf of
Government.
- The risk assessment questionnaire is available to download on the JFSC website
- Trust company businesses and fund services businesses which administer Jersey incorporated
companies are asked to respond by completing the questionnaire available from myRegistry.
- Regulated trust and company service providers responsible for administering trusts will receive
an invitation from myJFSC inviting them to complete the questionnaire.
The JFSC will aggregate all the information received before sharing the results, and individual
responses will therefore not be identifiable.
The aggregated results will be shared with a working group of industry experts and representatives
from Government, JFSC, Law Officers’ Department, and Financial Intelligence Unit, which has been
convened to conduct the risk assessment.
The analysis is due to be completed, and a report published, in 2023.
Should you have any questions relating to:
- relating to how to answer the questionnaires, please email LPArisk@gov.je.
- myJFSC access please contact RegulatoryMaintenance@jerseyfsc.org.
- myRegistry access please contact registry@jerseyfsc.org
gov.je