
Financial Services
(Disclosure and Provision of Information) (Jersey) Amendment Law 2025
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.
Adopted by the
States 11 September 2024
Sanctioned
by Order of His Majesty in Council 5 February 2025
Registered by the Royal
Court 14
February 2025
Coming into force 21 February 2025
THE STATES, subject to the sanction of His Most
Excellent Majesty in Council, have adopted the following Law –
1 Amendment
of Financial Services
(Disclosure and Provision of Information) (Jersey) Law 2020
This Law amends the Financial Services
(Disclosure and Provision of Information) (Jersey) Law 2020.
2 Heading
to Part 2 amended
In the heading to Part 2
(disclosure of information to Commission), there is deleted “to
Commission”.
3 Articles 8A
to 8C inserted
After Article 8
(Commission to maintain register) there is inserted –
“8A Interpretation of 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).”.
4 Article
9 (provision of information to local competent authorities) amended
In Article 9 –
(a) in paragraph (3), after “period”
there is inserted “, or at the times and places,”; and
(b) after paragraph (3) there is
inserted –
“(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).”.
5 Article
16 (punishment of offences) amended
In Article 16(1),
after sub-paragraph (b) there is inserted –
“(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;”.
6 Article
19 (Royal Court may declare dissolution of entity void) amended
In Article 19(1), for
“Article 16(5)” there is substituted “Article 16(4)”.
7 Citation
and commencement
This Law may be cited as
the Financial Services (Disclosure and Provision of Information) (Jersey)
Amendment Law 2025 and comes into force 7 days after it is registered.