Jersey's NPO Law Comes Into Force
Jersey's Non-Profit Organizations (NPOs) Law came into force on 8th August 2008,
following the approval of the States of Jersey and the Privy Council. The aim of the legislation is to bring Jersey law in this area into line with international standards, in order to
prevent NPOs from being used for terrorist financing. The law requires all NPOs to register by 8th November 2008, which they can do
by completing a one page document and returning it to the Jersey Financial
Services Commission. Following registration, the Commission will complete a risk assessment of the
NPO sector. NPOs will then be divided into two groups, depending on whether or not an
NPO is considered to be “significant”. In line with international standards, an NPO will be significant where it
accounts for a significant portion of the financial resources under the control
of the NPO sector in Jersey; and also a substantial share of the sector’s
international activities. A key part of the role of the Commission is to provide outreach to Jersey’s
NPOs to help them understand what they need to do in order to comply with the
law. .
|
|
IMPORTANT NOTICE: TAX-NEWS.COM has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright TAX-NEWS.COM 1999 to 2007. Contact us for further information.