Jersey will have to enact new company registry legislation before the jurisdiction is inspected by the Council of Europe's MONEYVAL assessment committee this year, or risk suffering reputational damage, says the Jersey Financial Services Commission.
It will also have to enhance its beneficial ownership and control requirements and additional registers, and has drafted a new registry law, currently the Register of Entities (Jersey) Law 2019, introducing a central register of directors and recognized agents, and placing the requirement relating to beneficial ownership and control into primary law.