Jersey’s Transparency Timeline

2024

The MONEYVAL Fifth Round Mutual Evaluation Report on compliance with international standards for anti-money laundering and countering the financing of terrorism concludes that Jersey’s effectiveness in preventing financial crime is among the highest level found in jurisdictions evaluated around the world.

2025

In compliance with Financial Action Task Force (FATF) recommendations, Jersey facilitates access to beneficial ownership information, to persons who are obliged to perform customer due diligence (CDD) to support them in this process.

2022

Jersey works with international partners to implement and enforce financial sanctions in response to the Russian invasion of Ukraine.

Jersey publishes comprehensive national strategy and action plan to support its long-term commitment to preventing and eliminating financial crime.

OECD Global Forum on Transparency and Exchange of Tax Information awards Jersey the highest available rating for implementation of the Common Reporting Standard.

2023

In accordance with international standards, Jersey introduces a supervisory regime for non-profit organisations at higher risk of terrorist financing abuse.

Publication of first comprehensive assessment of the money laundering and terrorist financing risk associated with companies, trusts and all other types of legal persons and arrangements available in Jersey.

2020

Jersey amends Economic Substance rules to support businesses bit by COVID-19.

Jersey joins the UK in introducing a new sanctions regime which ensures that funds or assets held in Jersey linked to gross human rights violations will be frozen.

Government of Jersey, the Federal Republic of Nigeria and the Government of the United States of America entered into an Asset Recovery Agreement to repatriate more than US$300 million of forfeited assets to Nigeria.

The Government of Jersey releases the first public, centrally coordinated National Risk Assessment of money laundering.

2021

The Government of Jersey releases its first public centrally coordinated National Risk Assessment (NRA) of terrorist financing, following the publication In 2020 of its NRA of money laundering.

As a member of the OECD Inclusive Framework, Jersey joins the majority of other jurisdictions in agreeing to the OECD’s Statement on a new global tax framework.

2018

Jersey commits to the introduction of a Mandatory Disclosure Regime (MDR) and exchange of cross-border avoidance arrangements, in line with OECD and EU standards.

TIEA effective with Chile.

Jersey cooperates fully in the first six-monthly review of the beneficial ownership information sharing arrangements under the Exchange of Notes with the UK. This concludes that the arrangements are effective.

2019

Economic Substance Law Introduced by Jersey to meet commitments made to the EU Code of Conduct Group.

United Nations recognises Jersey’s work on international asset recovery.

AMLD5: Jersey announces it will take steps to align with the approach taken In the EU Directive including access by EU law enforcement authorities and Financial intelligence Units, access for financial service businesses and certain other prescribed businesses for corporate due diligence purposes and public access.

OECD’s Forum for Harmful Tax Practices (FHTP) concluded that Jersey’s domestic legal framework was not harmful when reviewed against the OECD’s standards.

The European Council of Finance Ministers (ECOFIN) formally confirm Jersey as a co-operative jurisdiction.

TIEA effective with Brazil, taking the total number of individual TIEAs to 38 (in addition to the 51 countries that are signatories to the Multilateral Convention on Mutual Administrative Assistance In Tax Matters with similar effect).

A UK parliamentary review of beneficial ownership information sharing under the Exchange of Notes concludes that the arrangements with Jersey have been “extremely useful in accessing the information needed to support ongoing investigations.”

2016

Jersey becomes a BEPS Associate and implements country by country reporting.

Exchange of Notes with UK regarding sharing beneficial ownership information on request.

UK IGA (UK FATCA)- Automatic exchange of information with the UK.

Report published by Professor Jason Sharman, “Solving the Beneficial Ownership Conundrum: Central Registries and Licences Intermediaries” positively assessing Jersey’s regime.

MONVEYVAL: assessment by the Council of Europe – the 49 assessment areas, Jersey was rated compliant or largely compliant in 48, the highest score amongst all states assessed.

TIEAs take effect with Korea and Romania.

2017

Jersey signs OECD Multilateral Convention on prevention of BEPS.

Jersey’s first information exchange under CRS (replacing UK IGA).

United Nations Financial Sanctions (Jersey) Law 2017 comes into force.

Jersey implements the EU Legislation (Information Accompanying Transfer of Funds) (Jersey) Regulations.

Jersey scores top marks from the OECD on tax transparency, receiving a “fully compliant” rating.

The EU Code of Conduct Group on Business Taxation determine Jersey is a cooperative tax jurisdiction.

TIEA effective with Belgium.

In accordance with FATF requirements, the Jersey Financial Crime Strategy Group (JFCSG) announces it will conduct a national risk assessment of the threats posed to the Island by money laundering and terrorist financing.

Jersey Financial Services Commission  delivers enhanced Central Register of Beneficial Ownership and Control

2014

Convention on Mutual Administrative Assistance in Tax Matters comes into force in Jersey which provides for exchange of information similar to TIEAs (now over 50 other countries are party to this).

Jersey signs the CRS Multi-lateral Competent Authority Agreement as an early adopter.

“Global Shell Games” report published, with Jersey achieving 100% compliance (with the UK at 51% compliance and US ranking lower with 25%).

Additional TIEAs become effective with Indonesia, Latvia, Slovenia and Switzerland.

Jersey signs updated commitment to Egmont membership.

2015

Crown Dependencies Automatic Exchange of Information signed.

Jersey replaces the EU Savings Directive (EUSD) retention tax regime with automatic exchange of information.

TIEAs take effect with Italy and Hungary.

2012

G20 Summit launches Base Erosion and Profit Shifting (BEPS) project.

Negotiations start on Jersey /US FATCA agreement, helping US authorities reduce tax evasion by US citizens.

TIEAs become effective with the Czech Republic, India, Mexico, Poland and South Africa.

2013

OECD Endorse Jersey’s position on international tax transparency.

British Crown Dependencies joint statement on automatic tax information exchange.

UK FATCA – Jersey and UK lnter-Governmental Agreement signed.

OECD blueprint for tax authorities worldwide to tackle tax avoidance and evasion in response to G20 mandate.

Jersey commits to the early adoption of the Common Reporting Standard (CRS).

TIEAs become effective with Austria, Japan and Turkey.

Jersey ensures it has legislation to facilitate compliance with and private placement under Alternative Investment Fund Managers Directive (AIFMD), including related reporting and transparency requirements.

As part of AIFMD, Jersey enters into memoranda of understanding with the competent authorities of EEA/EU member states.

2010

TIEAs take effect with Australia, France, Ireland and New Zealand.

2011

Financial Stability Board (FSB) places Jersey in Group 1, which consisted of those jurisdictions ‘demonstrating sufficiently strong adherence to the relevant international standards’.

World Bank Report published: ‘The Puppet Masters: How the Corrupt Use Legal Structures to Hide Stolen Assets and What to Do About It‘, where Jersey is cited as an exemplar of best practice in the recording and monitoring of beneficial ownership information.

EU Code of Conduct Group confirms that Jersey’s Zero-Ten business tax regime is code compliant.

Amended Convention on Mutual Administrative Assistance in Tax Matters open for signature in June 2011.

Further TIEAs with Argentina, China. Canada and Portugal.

2002

Tax information exchange commitment given to OECD.

Jersey’s first Tax Information Exchange Agreement (TIEA) signed, with the USA.

2003

Jersey voluntarily commits to the EU’s Code of Conduct Group on Business Taxation.

2005

Jersey voluntarily enters into savings tax agreements with all EU member states.

2008/2009

Jersey signs TIEAs with Netherlands, Denmark, Faroes, Finland, Germany, Greenland. Iceland, Norway, Sweden and the UK.

2009

Jersey receives a favourable review in the British Crown Dependencies Review (conducted by the UK Government).

Jersey placed on the OECD ‘White List’.

Jersey appointed one of four OECD Global Forum Peer Review Group vice chairs.

Jersey rated one of the best global International Finance Centres by the International Monetary Fund (IMF).

1952

Jersey signs first Double Taxation Agreement (DTA), with the UK.

1988

Jersey adopts legislation dealing explicitly with money laundering, the Drug Trafficking Offences Jersey) Law 1988.

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Convention on Mutual Administrative Assistance In Tax Matters (developed by the Organisation for Economic Co-operation and Development (OECD) and Council of Europe).

1989

Central register of company beneficial ownership established in Jersey.

1998

Jersey becomes an Egmont member, the international body for Financial Intelligence Units.

1999

Jersey introduces Proceeds of Crime Legislation making tax evasion an offence.