Contents

A LAW to allow the Commission to disclose beneficial owner information to assist financial services businesses with customer due diligence obligations under the Money Laundering (Jersey) Order 2008.

THE STATES, subject to the sanction of His Most Excellent Majesty in Council, have adopted the following Law –

“8A   Interpretation of Articles 8B and 8C

In Articles 8B and 8C –

“Money Laundering Order” means the Money Laundering (Jersey) Order 2008;

“relevant person” has the meaning given in Article 1(1) of the Money Laundering Order;

“representative”, in relation to a relevant person, means –

(a)     an anti-money laundering services provider appointed by the relevant person under Article 9A(1) of the Money Laundering Order;

(b)     a person who is appointed to assist the relevant person to comply with the requirements of the relevant person under Part 3 of the Money Laundering Order;

“requester” means a relevant person or their representative who requests a disclosure of beneficial owner information under Article 8B(1);

“use” does not include making a lawful disclosure under Article 8B(2).

8B     Disclosure and use of beneficial owner information

(1)     The Commission may, on the request of a relevant person or their representative, disclose to the requester beneficial owner information kept in the register in relation to an entity for the purpose of assisting the relevant person or their representative to fulfil the obligations of the relevant person under Part 3 of the Money Laundering Order in relation to the entity.

(2)     A person must not disclose beneficial owner information obtained under this Article to another person unless the disclosure is made –

(a)     to a local competent authority;

(b)     under Article 16(7), 17C(4) or 22A(c) of the Money Laundering Order; or

(c)     with other lawful excuse.

(3)     A person who fails to comply with paragraph (2) commits an offence.

(4)     A person must not use beneficial owner information obtained under this Article in relation to an entity for any purpose other than fulfilling the obligations of a relevant person under the Money Laundering Order in relation to that entity.

(5)     A person who fails to comply with paragraph (4) commits an offence.

(6)     This Article extends to beneficial owner information entered in the register before the commencement of this Article.

8C      Relevant person to provide information to Commission

(1)     The Commission may, by notice in writing, require a requester to provide, in a format and within a period specified in the notice, information or documents that show that –

(a)     the beneficial owner information was requested by the relevant person or their representative under Article 8B(1) in relation to an entity for the purpose of fulfilling the obligations of the relevant person under Part 3 of the Money Laundering Order in relation to that entity; and

(b)     the beneficial owner information has not been used for any other purpose.

(2)     The Commission may, by notice in writing, require the requester –

(a)     to attend at the times and places specified in the notice; and

(b)     to answer questions in relation to the matters in paragraph (1)(a) and (b).

(3)     If the requester does not comply with a notice under paragraph (1) or (2) within the period, or at the times and places, specified in the notice –

(a)     the requester commits an offence; or

(b)     if the requester is an incorporated limited partnership or a separate limited partnership, each general partner of the entity commits an offence.

(4)     Information, documents or answers to questions provided in compliance with a notice under paragraph (1) or (2) may not be used by the prosecution in evidence against the person in criminal proceedings except proceedings under paragraph (3).”.

“(3A) Information, documents or answers to questions provided in compliance with a notice under paragraph (1) or (2) may not be used by the prosecution in evidence against the person in criminal proceedings except proceedings under paragraph (3).”.

“(ba)  Article 8B(3) is a fine and 5 years’ imprisonment;

(bb)    Article 8B(5) is a fine and 2 years’ imprisonment;

(bc)    Article 8C(3) is a fine and 4 years’ imprisonment;”.