Jersey private trusts targeted in financial crime crackdown

The States said incorporated companies and regulated trusts had already been asked for their data

The Government of Jersey is requesting data from private family trusts in a continued crackdown on financial crime.

Non-professional trustees of private firms, partnerships and trusts are to be asked to complete a questionnaire.

The Jersey Financial Services Commission (JFSC) said incorporated companies and regulated trusts had already been asked for their data.

The Government said it was "assessing the risk" of money laundering, and the financing of terrorism.

It added that it was aiming to identify "areas for improvement" in the island's policies, procedures and legislation.

• Financial crime risk assessment launched in Jersey

George Pearmain, director of financial crime strategy, said: "Privately-administered trusts are often set up to ensure that family wealth is protected, or a child's financial future is ensured, in the event of something happening to the parents.

"There is nothing illegal about them, and we don't want to interfere in these private arrangements, but it is vital that they respond so that we can understand the risk profile of these arrangements."

He said the data provided would be anonymised before being used to understand risk.

The results will be shared with a working group which is due to publish a report next year.

The risk assessment questionnaire is available to download on the JFSC website.