Fiduchi’s Ethics Statement

Fiduchi will not provide services to any individuals, or groups of individuals, or corporate or legal body or person, unless:

• We fully understand the business needs of the structure;
• The client is referred from an approved or well-known source or specifically approved by the Board;
• We possess the resources and technical competence to provide the services we do as a regulated trust and company service provider;
• Having taken into account the risks of money laundering, we are satisfied that funds introduced have not been derived from criminal activity;
• We will not accept clients where there is any reticence to provide appropriate due diligence without good reason, or if there is any doubt over the integrity and accuracy of the due diligence provided. In particular where there is no transparency in ownership or to which the relevant AML / CFT  KYC cannot be applied – this includes structures with Bearer shares;
• We will always consider the requirements of the Sound Business Policy as issued by the Jersey Financial Services Commission (and as amended from time to time) in considering any new or existing business relationships.

Fiduchi’s Risk Appetite

Fiduchi will not conduct business with parties where it knows or suspects that the arrangements facilitate money laundering. Fiduchi will seek to exit a relationship if such activity is detected in an existing relationship and will refuse to take on new business in such circumstances as set out below:

• We have a zero tolerance for working with clients involved in any criminal activity, including breaching anti-terrorist legislation;
• We will not deal with any person who is subject to an embargo, by reason of their country of residence or nationality, or because they appear on any list of persons included in any EU, UK or wider international or local sanctions;
• We will not assist with any activity that is illegal under the laws of the place of incorporation or establishment of the entity or which may damage the good reputation of Fiduchi or the wider Baker Tilly International network;
• We will not deal with any person or entity where an unsatisfactory method of control or monitoring by Fiduchi is proposed;
• We do not act for clients with a link to the USA, unless a reputable firm of accountants or lawyers oversees all activities and takes responsibility for the associated reporting obligations;
• We provide limited services including registered office only, only in those situations where we have fully identified the risks and can put in place measures to mitigate those risks;
• We will generally be very cautious about accepting a new client in a high risk jurisdiction and will only accept a client where appropriate structuring advice (legal and / or tax) will be provided at the outset and on an ongoing basis from a suitably or internationally recognised firm of accountants or lawyers;
• We do not administer structures established as a tax avoidance mechanism and commercially marketed as such, or any structure that relies on non-disclosure or any step where the economic consequences are inconsistent with the form of the transaction;
• We will not consider schemes which promote tax avoidance, which whilst they may be legal, are considered to be aggressive or designed to circumvent the spirit and intention of the law;
• Fiduchi does not provide tax advice in any form.

Prohibited Customer types and activities

Relevant legislation regarding sensitive activities 

The Jersey Financial Services Commission (the “Commission”) has issued its Sound Business Practice Policy, which sets out those activities which are considered sensitive. Whilst the list is not exhaustive, the tables are replicated below. 

• ‍Table 1 sets out those activities that are subject to oversight by the Commission for one or more of supervision of financial soundness, conduct of business and compliance with requirements relating to anti-money laundering and countering the financing of terrorism, and as a result fall within the scope of this Policy.
• ‍Table 2 sets out those activities not within the regulatory oversight of the Commission but are considered to likely pose a potential reputational risk to Jersey.

For the avoidance of doubt, the tables apply:

• to e-commerce related activities; and
• whether the activity is to be carried out in Jersey or elsewhere by a Jersey incorporated/registered person, or by a person that is administered by a Jersey registered person.

Where an application for consent is being made to the Commission for one of the activities set out below, additional information maybe required to support your final application. The Commission reserves the right to deem activities that do not appear in the Tables as potentially posing a risk to the reputation of Jersey. Where an activity is deemed to pose a risk, the consequence will most likely be as set out in the paragraph above.

Table 1 – Registered, Authorised, and/or Supervised Activities

Table 2 – Activities That Pose A Potential Risk To The Reputation Of The Island And Are Not Within The Scope Of Table 1