BACKGROUND
The Proceeds of Crime (Jersey) Law 1999 (the “Proceeds of Crime Law”) sets out Jersey’s principal legislative requirements for the prevention and detection of money laundering, the countering of terrorist financing and the countering of proliferation financing (“AML/CFT/CPF”).

WHO IS A DIRECTOR?

Directors are agents of a company, to which they owe fiduciary duties in relation to the powers granted to them. Whether formally appointed or not, under the Companies (Jersey) Law 1991 (the “Law”), a director is defined as “a person occupying the position of director, by whatever name called”. This definition includes shadow directors, alternate directors, de facto directors and any other person carry out the duties of a director, and as such imposes upon them directors’ duties.

Introduction

On 19 May 2023, the treasury ministers of Jersey, Guernsey and the Isle of Man made a joint statement regarding an intended approach to the implementation of the Organisation for Economic Co-operation and Development (OECD) Pillar Two global minimum tax framework for large multinational groups. Each Crown Dependency intends to implement an income inclusion rule (i.e. “top-up” tax) and domestic minimum effective tax rate of 15% for in-scope entities from 2025.