The JFSC has issued new guidance and FAQs for Private Trust Companies and trustees in relation to the updated scope of the Proceeds of Crime (Jersey) Law 1999.
The new guidance is largely in line with the Guidelines on Interpretation issued by the JFSC in January, but with a few points to note:
- there are a few hints pointing towards PTCs being more likely to be in scope than out;
- a trustee that is a legal person will be considered in scope “unless it is demonstrated to the contrary”;
- there are specific factors to take into account when considering whether or not acting as a trustee is being “conducted as a business”; and
- PTCs are unlikely to be treated as “non-professional trustees”.
If you would like to discuss the new guidance, PTCs and POCL generally, or anything else relating to POCL, please do not hesitate to get in touch. Also please don’t hesitate to get in touch with my colleagues @Rajah Abusrewil, @Anouksha Patel and @Adam Fellows in our Private Capital and Trusts team for