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【Wealth Succession】Non-controlling Jersey settlors need not be declared as beneficial owners

Jersey's beneficial ownership guidance has been amended for companies owned by a trust, so that a settlor who has not retained any powers of control over the trust no longer needs to be recorded as a 'controller' of the company.

The guidance was last updated in January 2021, when the Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020 (Disclosure Law) came into force on 6 January. The law established a new central register of beneficial owners and significant persons in Jersey, enacting the Financial Action Task Force's (FATF’s) Recommendation 24 relating to the beneficial ownership of legal persons.

The register itself became operational in late February after initial technical troubles. Entities within scope were required to update the register by 30 April 2021, although this deadline was subsequently deferred to 30 September 2021.

Entities in scope include companies, foundations, incorporated limited partnerships, separate limited partnerships, limited liability companies and limited liability partnerships. Any changes to the beneficial ownership information of these entities has to be reported within 21 days...

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