The journal | Issue 3

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The Journal ISSUE THREE

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BUSINESS • FINANCE • LAW • RECRUITMENT

LOGICALIS TO LAUNCH FIRST CYBER ACADEMY Business

Logicalis is to launch Jersey’s first cyber academy and apprenticeship programme training young Islanders to become cyber security experts.

The Logicalis Cyber Academy and Apprenticeship Pathway is a fouryear training programme teaching students and school leavers the necessary skills to work in cyber security.

Apprentices will gain industryrecognised qualifications, and work with Logicalis consultants to develop expertise in specific areas of IT security.

Paul Johnson, Security Operations Manager, Logicalis, said: “Our immediate aim is to grow our own talent, helping bring on young people with the right skills to work in cyber security and managed IT services.

However, our wider aim is to create a highly skilled generation of young Islanders who can go out and work anywhere in the Channel Islands or beyond.”

During the first two years of the programme, apprentices will work alongside professionals across Logicalis – building up expertise in firewalls, networking, penetration testing (pen tests), and administrative roles.

Continued on page 11

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BETTER MONITORING TO 13TH COMPLIANCE MONDAQ AWARD FOR HSBC APPOINTS DISCOVER BREACHES & ECONOMIC CRIME BAKER & PARTNERS KARA LISIK AS need to HEAD OF MARKETING Companies SYMPOSIUM monitor systems more Baker & Partners JIBS Events announces the keynote speaker for their flagship compliance event of the year. Acknowledged as the essential event for compliance professionals and directors, it offers a valuable opportunity to reflect upon the challenges faced by industry.

Full story on page 2

are delighted to have received a Mondaq award for the ‘Contributor With Most Popular Articles in Jersey’.

Full story on page 3

HSBC has appointed Kara Lisik as Country Head of Marketing for the Channel Islands and Isle of Man. Based in Jersey, and with responsibility for all marketing activities, Kara’s new role will involve implementing brand strategy for the Bank.

Full story on page 5

intensively if they are to avoid security breaches such as that suffered

by Equifax. Logicalis is warning companies to check their security.

Full story on page 6

THE JOURNAL NEWS

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13TH ANNUAL COMPLIANCE & ECONOMIC CRIME SYMPOSIUM international crime and terrorism.

A French police superintendent, Simon started his career in the French internal intelligence service.

He was then assigned to the National Crime Squad where he held several management positions, including the Surveillance and Intervention Unit, and directed the joint inter-agency task force dedicated to the fight against drug trafficking in the French West Indies. He was later appointed the head of the French liaison desk in EUROPOL, responsible for all French law enforcement agencies’ cooperation with the European organisation. He is now responsible for the entire spectrum of financial investigations from money laundering and asset recovery to cooperation between the EU FIUs (FIU.net project).

Simon will be discussing the role of Europol in the use and

Business

JIBS Events announces the keynote speaker for their flagship compliance event of the year.

Acknowledged by senior offshore practitioners as the essential event for compliance professionals and directors, the Annual Compliance & Economic Crime Symposium offers a valuable opportunity to reflect upon the challenges faced by industry, whilst also equipping delegates with enhanced awareness of the key risks in compliance and the fight against financial crime.

Delegates can expect a keynote presentation delivered by Simon Riondet, head of financial intelligence at EUROPOL. Headquartered in The Hague, the Netherlands, Europol assists the 28 EU Member States in their fight against serious

coordination of financial intelligence related to terrorism financing, and the innovative techniques used for tracking funds intended to support radicalised individuals residing in the conflict zones.

Other speakers include: • Clare Whitaker, Head of Fraud Division C at the Serious Fraud Office (SFO) • Roger Best, Partner at Clifford Chance • Dan Marcos, Head of International Compliance at the Government of Jersey

Chris Usher, Chief Executive Officer of Jersey International Business School, said: "We are delighted to be able to attract world-class speakers to our hugely popular Compliance & Economic Crime Prevention Symposium in Jersey in November. Following the terrifying terrorist attacks in Europe and beyond over the past twelve months, the role that our financial services industry can play in identifying and preventing the flow of terrorist financing is vitally important.

In addition to Simon Riondet from Europol, we are delighted to welcome Clare Whitaker, who will be discussing the role of the UK Serious Fraud Office in the fight against financial crime. With a strong line-up of local and international speakers, this year's symposium will assist all financial services professionals to understand some of the of key risks facing their businesses."

The Symposium costs £445 per delegate, with discounts available for members of various professional membership bodies, and is worth 7 hours’ CPD. Please remember that there are limited spaces available for this popular event. Find out more and book at www.jerseysymposium.com

Simon Riondet

Jersey Finance appoint new Head of Technical

13th Annual Compliance & Economic Crime Symposium Acknowledged by senior offshore practitioners as the essential event for MLROs, MLCOs, Compliance Officers, Senior Managers and Directors, the symposium offers a valuable opportunity to reflect upon the challenges faced by industry, whilst also equipping delegates with enhanced awareness of the key risks in compliance and the fight against financial crime.

Agenda to include: • • • •

Financial sanctions: Policy and compliance in an uncertain world Enforcement considerations post-MONEYVAL Meeting global expectations in international financial crime standards The Criminal Finances Act 2017 – key considerations for financial services professionals

Available discounts: 20% for members of: JCOA 10% for members of: ICA, KYC360°, JCOC, JADO, JBA, IoD and STEP CPD 07/11/2017

09:00–17:00

7

£395

Hotel de France

Find out more and book online: www.JerseySymposium.com

Recruitment

Jersey Finance has appointed Lisa Springate as Head of Technical with effect from 20 November, in succession to Tom Cowsill.

Lisa joins Jersey Finance from Bedell Cristin’s Jersey office, where she has been a key part of the commercial litigation team for more than 17 years and a partner for nine years. She is a very experienced commercial litigator, having acted for high-net worth individuals, leading banks and local trust companies.

Her specialist areas have been contentious trust and probate, as well as regulatory work.

Prior to moving to Jersey in 1993, Lisa practised as a barrister in Chambers in London and with leading law firm Mayer Brown JSM in Hong Kong. She qualified as an advocate of the Royal Court of Jersey in 2000.

Throughout her career, her abilities have been recognised with several awards and accolades. She is described as a “leader in their field”

by Chambers UK, Europe and Global 2017 and as a “leading individual”

by Legal 500 2015. She is presently shortlisted in the ‘Woman of Year, Leadership (Professional Services)' - 2018 Citywealth Powerwomen Awards category and was previously a winner of the 'Woman of the Year

(Business Growth)' - 2015 Citywealth Powerwomen Awards.

Lisa is also a board member of the Institute of Directors in Jersey and a non-executive director of Board Apprentice.

Welcoming Lisa to the role, Geoff Cook, Chief Executive of Jersey Finance, commented: “Lisa brings with her a wealth of technical, legal, marketing and

managerial experience and we are delighted to welcome her to the Jersey Finance team. Having worked for leading law firms both in Jersey and Hong Kong, she has a broad, rounded knowledge and appreciation of the regulatory environment within which Jersey’s Finance industry operates and I am sure Members will benefit from Lisa’s skills and expertise.”

THE JOURNAL NEWS

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Figures reflect appeal of Jersey’s national private placement regime Finance

The number of alternative fund managers marketing into Europe through Jersey’s national private placement regimes (NPPRs) continued to rise during the first half of 2017 whilst there has been a strong uptake in the latest addition to Jersey’s regulatory framework, according to mid-year figures from Jersey’s regulator the Jersey Financial Services Commission (JFSC).

As at 30 June 2017, 131 alternative investment fund managers (AIFMs) had been authorised in Jersey to market into Europe through NPPRs under the Alternative Investment Fund Managers Directive (AIFMD), up 14% compared to the same time last year.

In addition, the total number of Jersey alternative investment funds (AIFs) being marketed into Europe through NPPRs also increased to stand at 276, representing a 10%

year-on-year increase.

Meanwhile, the JFSC has also reported a strong uptake in the Jersey Private Fund (JPF) regime, the latest addition to Jersey’s suite of fund structuring options, which was launched in April. As at 31 August 2017, there were 44 JPFs, with the majority being newly created fund vehicles with just under a fifth being conversions from existing structures.

The JPF was introduced earlier this year to provide sophisticated investors with a more streamlined and fast-track regime, under which funds for up to 50 investors could be established in as little as 48 hours.

Geoff Cook CEO, Jersey Finance, believes the figures show that private placement continues to give fund managers a good option for marketing funds into the EU: “The clear indication is that, although there is a lot of talk about AIFMD passporting, private placement

is giving non-EU fund managers a really reliable, straightforward and efficient route for marketing alternative funds into Europe. It’s stable, it’s cost-effective and it’s tried and tested and, against a complex geopolitical backdrop in Europe, that’s a really attractive proposition for fund managers right across the private equity, real estate, hedge and infrastructure fund asset classes.”

Meanwhile, commenting on the strong uptake in Jersey’s new JPF vehicle, Mike Byrne, Chairman, Jersey Funds Association, added: “In the four months since the JPF was brought to market, this is a really encouraging initial uptake, and it’s particularly pleasing that more than 80% of JPFs are brand new funds. At the outset, we felt that there was real demand for this type of structure amongst institutional and professional investors across the alternative asset classes, and the

figures support this view. In addition, we have also seen a positive reaction from family offices, who are using the new regime for co-investment purposes and to pool investments from multiple families.”

Business

Geoff Cook

SANNE appoints former BVCA technical director to private equity team Recruitment

SANNE strengthens its alternative assets business with a senior appointment in its growing private equity team.

Oliver Morris has been appointed the role of Head of Private Equity EMEA. Oliver’s primary focus will be to refine and drive the strategic direction, management and delivery of SANNE’s EMEA private equity business with a specific focus on developing new business initiatives.

He will be based in SANNE’s Jersey office, and is an experienced and highly regarded professional in the private equity community. Mr Morris brings a broad external perspective to SANNE’s well-established private equity specialist capabilities, and is a former technical director at the British Private Equity and Venture Capital Association (BVCA).

Martin Schnaier, SANNE’s Managing Director, Alternative Assets - EMEA, said: ‘We are delighted to have Oli join

the senior management team at SANNE. Having someone of his calibre and expertise join us will further strengthen our existing private equity offering, and enable us to deliver on our strategic business objectives.’

In his new role as Head of Private Equity, Oliver will work with SANNE’s senior management team and existing private equity directors across SANNE’s global business to continue to build on its reputation of providing high quality client solutions.

Oliver is a qualified chartered accountant and joins SANNE from KPMG where he was a director. Prior to this he completed a two-year secondment as technical director at the British Private Equity and Venture Capital Association (BVCA). In this role he was responsible for the provision of technical support to the BVCA and its members. During his secondment, Oli remained part of the leadership team at KPMG Advisory, delivering both onshore and offshore private equity structures.

MONDAQ AWARD FOR BAKER & PARTNERS Baker & Partners are delighted to have received a Mondaq award for the ‘Contributor With Most Popular Articles in Jersey’.

Mondaq is one of the largest and most comprehensive independent online resources for professional legal, financial and regulatory information. The award is allocated based on detailed analysis of which articles are read the most across 70 countries, taking data from the Mondaq global website, newsletters and wider distribution network.

Stephen Baker commented: “We are extremely pleased to have been recognised by Mondaq as they are one of the best knowledge platforms in the world. They informed us that we were up against some very strong challengers, as Jersey firms generally produce a high level of thought leadership - we may be a small jurisdiction, but our local experts of the highest calibre, and the sharing of knowledge and expertise is important for us all to develop. This is something we are committed to at Baker & Partners and our team will be producing more books, guidance notes, hosting breakfast briefings and continuing to share our expertise.”

Would you like to contribute to The Journal?

We are open to any suggestions or topics you may have in mind.

Contact Mark on 07829 838844 or email contact@jerseypages.info

THE JOURNAL NEWS

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MULTI-SERVICE TRANSLATION BUSINESS IN THEIR SECOND YEAR OF OPERATIONS Business

Tongue Tied Ltd have now completed nearly 2 years in Jersey and have over 25 local companies as clients and service their 500 worldwide clients and oversee their 4000 in-country translators, interpreters, typesetters and provide overall management of the online, print and conference business, from their offices in Jersey.

Director, John Shouler said; “Tongue Tied are more than a translation agency, we are a ‘single source supply’ of translators, interpreters and conference equipment, in all languages and in all formats. We can also arrange worldwide event management. We very much look forward to welcoming new clients in Jersey and continuing to provide a high level of service to our existing client base across the financial and commercial sectors.”

Tongue Tied have been in operation since 1989 from two offices in the UK. The business offers typesetting into every known software platform, digital and traditional printed translations, face to face and telephone interpreting and provide conference equipment for

anywhere from 20 to 500 delegates.

As well as working for a number of high profile global businesses, the company were the official translation partner for the London 2012 Olympics bid in 2005, including translating the bid documentation into the languages required for the International Olympic Committee. They then wrote their French website and worked with them for seven years until the conclusion of the games.

Mr Shouler continued; “We enjoy living and working in Jersey, creating local jobs, becoming a part of Island life and contributing to the local community, charities and sports associations. I must add that the move would not have been possible without the continued professional support of the staff at Locate Jersey who helped us with the process of relocating Tongue Tied’s Head Office to the Island.”

The support team in Hove UK, that work with project leaders in Jersey

L-R: Tina, John, Cindy and Fabio, the Jersey team

A single source solution for translation, typesetting and conference services ‘We translated into Chinese on behalf of the States of Jersey which assisted them in obtaining the contacts for Jersey milk to be sold in China.”

We translate, typeset and print every language: websites, manuals, software, patents, claims, books, prints, etc.

Jersey based Tongue Tied can translate, typeset and print websites, manuals, software, patents, claims, books, print and plenty more in every language.

Launched in the UK in 1989, Tongue Tied moved its headquarters to the Island two years ago where it has expanded from

simple translation and typesetting to offering complete conference facilities.

This includes providing interpreters, sound boots and roving microphones anywhere in the world. We can also arrange worldwide event management.

The company, which has developed franchise businesses in the UK and the US, also owns 50% of UK technical translator, Tech Trans. From its home

in Jersey, it is partnering with island based international businesses looking for a wide range of translation services around the world, including complex websites.

Tongue Tied’s three USP’s - Price, Quality and Delivery translates into 92% client retention.

Tongue Tied (Jersey) Ltd | T: 01534 735505 | E: sales@tongue-tied.je | www.tongue-tied.je

THE JOURNAL NEWS

Skipton International launch further leading offshore savings bond Finance

Skipton International (Skipton) have announced the launch of a further fixed rate savings bond, with a market-leading interest rate of 1.25% AER. The one year fixed rate bond became available to all individual and corporate customers on 20 September and matures on 31 October 2018, paying annual interest on all balances between £10,000 and £5 million.

This new bond compliments Skipton’s existing three year fixed rate bond which matures on 30 September 2020 and offers customers a savings option that will earn them a competitive interest of 1.50% AER. Earlier this year Skipton won the Moneyfacts Best Offshore Savings Provider 2017 – a recognition of the Guernsey regulated bank’s

UK’s credit rating down Finance

The UK's credit rating has been cut over concerns about the UK's public finances and fears Brexit could damage the country's economic growth.

Moody's, one of the major ratings agencies, downgraded the UK to an Aa2 rating from Aa1.

It said leaving the European Union was creating economic uncertainty at a time when the UK's debt reduction plans were already off course.

Downing Street said the Brexit assessments were "outdated".

The other major agencies, Fitch and S&P, changed their ratings in 2016, with S&P cutting it two notches from AAA to AA, and Fitch lowering it from AA+ to AA. Moody’s said the government had “yielded to pressure and raised spending in several areas” including health and social care.

It says revenues were unlikely to compensate for the higher spending.

The agency said because the government had not secured a majority in the snap election it “further obscures the future direction of economic policy”.

Moody’s has also changed the UK’s long-term issuer and debt ratings to “stable” from “negative”.

competitive rates and excellent customer service. This is the 4th time Skipton has won a Moneyfacts Award – one of the most prestigious in the finance industry.

The Moneyfacts Awards involve an independent assessment of personal finance products with input from IFAs. Skipton has been commended, highly commended or won an award for the past eight years.

Jim Coupe, Managing Director, Skipton International, said: “Competitive interest rates and great customer service are an important part of our offering. Skipton consistently offers leading market rates on offshore savings accounts for British expats and Crown Dependency residents, while our great customer service has also been independently recognised by Feefo, winning their Gold Trusted Service award.”

Jim Coupe, Managing Director, Skipton International

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Conference on financial crime Business

Directors from the Serious Fraud Office (SFO) will lead a conference in Jersey on the latest developments in the UK on serious crime matters.

Organised by the Law Officers’ Department (LoD) and the Jersey Financial Services Commission (JFSC), the conference will feature presentations from SFO Director David Green CB QC and General Counsel Alun Milford on recent developments for the organisation and UK legislation.

Robert MacRae QC (HM Attorney General, LoD), John Harris (Director General, JFSC), Deputy Kristina Moore (Minister for Home Affairs, States of Jersey) will provide information about prosecuting financial crime locally, the formation of an Economic Crime and Confiscation Unit in Jersey, liaison between the Island’s regulator and law enforcement, and the imminent National Risk Assessment.

The half day conference will take place at La Mare Wine Estate on the afternoon of Tuesday 10 October.

HSBC HEAD OF Volaw Group have rebranded MARKETING Business

Volaw Group, one of Jersey’s leading independent providers of fiduciary and administration solutions to individual, family, corporate and institutional clients announced a corporate rebranding and name change to VG (www. vg.je). The rebranding reflects both the evolution of the company and its vision for the future.

Since being founded in 1982, Volaw Group has specialised in the formation and management of trusts, companies, funds and other structures, whether established in Jersey or other jurisdictions.

By today’s announcement Volaw embraces its long and successful history and looks forward to the future. The new logo evokes the heritage of the original design while underlining the company’s new set of core values and goals.

Mark Hucker, MD of VG comments: “This rebrand marks a significant step in the company’s evolution. We are very proud of the achievements in our first 35 years and we jealously guard the qualities that make VG special for its clients, including our independence. However we are starting on a new stage of our journey with ambitious goals to delight our clients, attract and

retain the best staff and build on our fantastic partnerships. Our new name and brand represents a positive affirmation of our ethos to keep it simple and get it right first time, every time.”

Based in Jersey – a leading international finance centre, VG has specialist knowledge in funds, family wealth, real estate and Islamic finance.

The company currently administers over 2,000 trusts, foundations, companies, partnerships and funds which altogether hold more than US$25 billion of clients’ assets. Forty per cent of VG’s staff have been with the firm for more than 10 years and its top 20 client relationships average more than 13 years.

Mr Hucker continues, “It is no accident that VG has retained its staff and clients over the long term – we recognize that continuity and consistency are very important in any successful relationship. Our new identity underpins our commitment to great service and also marks a statement of intent to grow the VG business and the team.”

APPOINTMENT Recruitment

HSBC has appointed Kara Lisik as Country Head of Marketing for the Channel Islands and Isle of Man. Based in Jersey, and with responsibility for all marketing activities in the Channel Islands and Isle of Man, Kara’s new role will involve implementing brand strategy for the Bank’s retail, commercial, expat, wealth management and private banking divisions, across a range of channels and media.

Kara has more than 17 years’ experience in marketing, more than eleven of those with HSBC. Immediately prior to taking up her new position, Kara was Head of Customer Experience & Customer Relations for HSBC in Vancouver, Canada, where she was responsible for rolling out a major initiative aimed at improving business performance by taking on new customers and bolstering relationships with existing customers.

Kara also brings with her a wealth of brand and campaign management experience from her time as part of the Bank’s marketing team in Canada as well as from previous roles outside

of HSBC. Commenting on her new role Kara said: “Right across our divisions in the Channel Islands and Isle of Man, HSBC has ambitious growth plans, so it’s exciting to come in and be able to play a part in that journey. In line with that, I am looking forward to developing the Bank’s marketing and communications strategy in all three jurisdictions to ensure that HSBC’s brand values continue to show through in everything it does.”

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THE JOURNAL NEWS

Better monitoring to discover security breaches sooner Business

Companies need to monitor systems more intensively if they are to avoid security breaches such as that suffered by Equifax. IT security firm Logicalis is warning Channel Island companies to check their security monitoring after it was revealed hackers had been in Equifax’s systems for over two and a half months before the breach was detected.

Hackers had access to the credit details of up to 143 million Equifax customers, across the USA, Canada, and the UK including names, social security numbers, birthdates, addresses, and in some cases also driver’s license numbers.

Ricky Magalhaes, Managed Security Services Director, Logicalis, said: “Proper security monitoring is one of the easiest ways for an organisation to prevent data leaks on this scale from their network.

24-hour monitoring means you can see

data exfiltration happening as it occurs and identify the problem before it ends up anywhere like this magnitude.

“When we are monitoring systems we would expect to discover a breach like this, alert the client, and get it patched all within less than 48-hours. Data leakages are a bit like water leakages; if you’re monitoring them properly you can see the water seepage, investigate it, identify the cause, and fix the pipe before it bursts.”

The estimated Breach Detection Gap is an average of 146 days globally, while in EMEA (Europe Middle East and Africa) the average time to detect an intrusion is 469 days. Companies affected are usually last to discover a breach, with up to 80% of reported intrusions detected by external fraud monitoring, law enforcement monitoring, or news reports.

Round the clock monitoring is the only way to know who is accessing your system. And speedy detection

of intruders is vital if you’re going to minimise damage. The longer an intruder is in your system, the more chance data will be damaged or stolen, encrypted and held to ransom.

Ricky said: “There are usually three ways data leaks happen: a hacker accessing the environment over time; someone finding a vulnerability in the network and exploiting it; or an employee removing it.

“Millions of people around the world who have Visa or Mastercards will have had them checked by Equifax so the scale of people who could have been affected by this is huge. We don’t know the full ramifications yet but people will have had their personal data compromised and the company is likely to face a huge fine.”

Earlier this year Logicalis launched the Channel Islands’ first Security Operations Centre, providing 24-hour security monitoring for over 400 global organisations.

Ricky Magalhaes

Enhance Group Limited UPGRADE FOR announce new CEO and WORLD LEADING BANK ACCOUNT executive Chairman

FOR YACHT CREW

Recruitment

Enhance Group Limited (Enhance) has announced Tom Wiseman, currently the Managing Director of the London business, will become group CEO. Existing CEO James Painter will take on the role of Executive Chairman.

Tom, who is a Chartered Member of the Chartered Institute for Securities & Investment (CISI) and has been successfully leading the London business for some time, will relocate to Jersey to take on this new role. James, who was one of the original founders of the business in 2005, will now focus on strategic direction at board level, as well as supporting the company’s global business development.

James Painter, former CEO and new Executive Chairman of Enhance Group added: “Since the business was first created, we have averaged strong growth of 27% annually through delivering great products and a first rate service to clients internationally. Now that our experts who were sent out to establish the Company in Cayman, Geneva and Singapore have achieved their objectives, and the majority of the work is being facilitated from Jersey and London it was the appropriate time to increase our governance and

Finance

management structure in our head office. In this regard I am delighted to be able to promote and recognise talent from within our team, which is why we are very lucky to have someone of Tom’s caliber ready to head up the business.

I am confident with Tom’s leadership and fresh approach that the business will continue to grow and go onto even greater success and I look forward to supporting him in his new role.”

Tom Wiseman, new CEO of Enhance Group, commented:

Tom Wiseman

“I am delighted to accept this new role as the CEO of Enhance. Over the last few years the company has gone from strength to strength and expanded into several new markets. My time heading up the London business has given me valuable insights into the evolving needs of our global clients and how we can provide the new products and services that they need. Jersey is a fantastic, high quality jurisdiction to base this business from, and I am also very excited to have the opportunity somewhere so beautiful.”

A market-leading account specifically designed for yacht crew has had a major digital upgrade.

The Seafarer Account is provided

by Standard Bank, as part of its retail International Personal Banking proposition. The account is tailored to the lifestyles of yacht crew, who require multiple currencies and debit cards, easy access to their money and a range of international services, such as payment and foreign exchange facilities and reliable mobile/ internet banking.

Standard Bank has now launched an online application channel for the Seafarer Account. This will greatly improve the client experience during the account opening end-toend process, as well as support a strategic drive to towards digitisation, in response to client demand and expectations.

The new online application is available to crew contacting Standard Bank directly as well as intermediaries, such as Independent Financial Advisers, who are often an essential link between crew, who are constantly on the move, and their financial affairs.

Sheena Maddrell, Business

Development Manager for Global Yacht Crew at Standard Bank, said: “We are the recognised leader in providing banking services for yacht crew so this exciting development will be welcome worldwide. Yacht crew are often millennials who expect digital banking so this will greatly improve their initial experience with us, making the application process quicker, easier and more efficient.

“The Seafarer Account has been hugely popular since it was launched in September 2013. The global yacht market is growing exponentially so there is increased demand from crew for an account that is perfectly suited to their globetrotting lives.”

THE JOURNAL NEWS

7

Bedell Cristin wins US$200m YOUR VIEW ON CIVIL trust dispute for plaintiffs in FORFEITURE LAW long-running Crociani case Law

Advocate Edward Drummond and Sonia Shah.

Law

Bedell Cristin has successfully acted for the plaintiffs in a longrunning trust dispute which has resulted in the reconstitution of a trust fund worth $200 million.

After years of litigation and a trial that lasted almost three months, the Royal Court of Jersey handed down its judgment on Monday 11 September 2017 in Crociani & O'rs vs Crociani & O'rs [2017] JRC146, finding in favour of the Plaintiffs, Cristiana Crociani and her two daughters, Delia and Livia Delrieu, who have been advised

by Bedell Cristin’s litigation team since 2012.

The case concerns a Bahamian trust, known as the Grand Trust, which was originally settled in 1987

by Edoarda Vesel Crociani, for the benefit of Cristiana and her sister, Camilla and their children. The Grand Trust comprised a valuable portfolio of investments, various receivables and works of art. As a result of the Plaintiffs' claims, the Royal Court has ordered that the Grand Trust, be reconstituted by the former trustees comprising Edoarda Vesel Crociani, BNP Paribas Jersey Trust Corporation Limited and Appleby

Tony Robinson

Trust (Mauritius) Limited. Once it has been reconstituted, it is expected that the trust fund will be worth US$200m.

This decision is the result of five years of hard fought litigation which ran from the Jersey Royal Court up to the Privy Council and back at various stages and involved numerous advisors, intermediaries, structures, family members and assets in multiple jurisdictions spanning Italy, Holland, the Bahamas, Mauritius, the US and Jersey.

The Plaintiffs' litigation team at Bedell Cristin was led by Advocate Anthony Robinson and also included

Commenting on the significance of the judgment, Anthony Robinson said: “The decision from the Royal Court after years of litigation is a significant one. Not only did the case involve claims of high value, it was also hugely complex, involving difficult family dynamics and issues in a number of different jurisdictions.

The outcome reflects the dedication, expertise and high standards of professionalism of our litigation team, and underlines that Jersey is a robust and effective jurisdiction with excellent case management. Of course, we are pleased we were able to obtain this result for our client.”

Cristiana Crociani, one of the successful plaintiffs, added: “Throughout the five years I have worked with Bedell Cristin’s litigation team they have been thorough, proactive and relentless in their pursuit to achieve results. They communicated well, keeping me updated and guiding me through the complex process. I would not hesitate to recommend them.”

The Institute of Law: Café Débats Law

The Institute of Law is a charity founded in 2008 to promote legal learning in Jersey. It is the only Educational establishment in Jersey recognised to deliver degree certificates.

The Institute offers a range of law courses. There are single courses on any subject from the law degree, certificates, diplomas, degrees, Masters and of course the Jersey Law Course for those wishing to practice in Jersey Courts. As a recognised centre of the University of London, the Institute of Law also provide tuition for one of the most prestigious UK LLB, so there is no need to travel far to get a highly-valued law degree, it can be done on-island.

In September 2015, the first of our international students, enrolled on the double degree arrived in Jersey to study at the Institute of Law. Their course takes four years to complete, students spend the first 2 years in Jersey, the last two at the University of Toulouse Capitol1. The curriculum is extensive, classes in English for a law degree (LLB) from the University

of London and in French for a ‘License de droit’ and a Masters 1 with the University of Toulouse Capitol1.

This course is also open to bilingual students in Jersey.

To help our students forging links with the community, we are organizing a series of 4 fundraisers: “café débats” in French, the cafe’s are open to anyone who would like to practice their French. We open our doors for a modest price to the Jersey community to speak in French, on a subject that is neither political nor religious, not necessarily topical, but accessible to everyone. The first debate will be about “cars”. Big, small, petrol, diesel, electric, we love them, we hate them, green cars, petrol guzzlers etc.) We all have something to say about cars and we may not all agree on the subject so all point of views will be welcomed on the day.

What are we trying to achieve?

• The integration of our students in the community • Providing a platform for practicing French with different people • Creating a bridge between generations to promote an exchange

of views in a secure environment • Enabling all participants to gain debating skills • Opening minds to different ideas and fostering respect for different point of views thus promoting tolerance in society The first one will be on the 19th October at 18:00 at The Institute of Law, 1 Seale Street, St Helier. More information and tickets are available from www.lawinsitute.ac.je/events.

The Government of Jersey is seeking the views of interested parties on the introduction of a new civil forfeiture regime for Jersey to strengthen the Island’s regime to fight financial crime. This new legislation, if enacted, would create a civil forfeiture procedure that would apply to cash and assets held in bank accounts.

The proposed legislation and relevant consultation documents can be accessed online.

The consultation follows recommendations made in a 2016 report by the Council of Europe’s MONEYVAL committee. Among its recommendations, the committee, which evaluates jurisdictions’ measures to combat money laundering and terrorist financing, suggested that Jersey might introduce a nonconviction-based confiscation regime in parallel with its current convictionbased system.

The Government of Jersey, advised

by the Financial Crime Strategy Group, has decided to act on this recommendation, particularly as the Financial Action Task Force recommendations and methodology place greater emphasis on how effectively jurisdictions are depriving individuals of illicit property.

The Chief Minister, Senator Ian Gorst, said “In our Financial Services Policy Framework, we stated our commitment to continue as a responsible member of the international community and to comply with international standards and global initiatives. This proposal to enhance our existing legislative regime is an example of us following through on this commitment.

“Jersey is regarded as one of the most stable and successful international finance centres in the world and, working together responsibly, the Government, the regulator and the financial services industry must continue to uphold this reputation for the good of the Island.”

The consultation closes on 1/11/17

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THE JOURNAL BUSINESS

THE VIRTUAL OFFICE Words by Vernon Breese First I must declare some bias here! Being one so made as to not be capable of understanding today’s technologies I am drawn to earlier solutions like chalk and slates in place of databases and I prefer face to face meetings over email, SMS, Skype, Instagram, Facebook, LinkedIn, Twitter etc etc.

I exaggerate of course but you might understand my position if you have had to use SharePoint, the Cloud, (in fact anything to do with Telecoms) open a bank account online or find an email message older than a fortnight in age!

This said, when they changed thermal photocopy paper to plain A4, I thought it was time to ‘get with the programme’ – things are good in the office again. I cannot by any means claim to champion the latest developments in virtual currency trading, the challenges of big-data management or people-less banking but I do embrace change and, I enjoy watching those dynamic young professionals launch into the ether at Mach 2 without a tether. (So to say) Here’s the thing with the virtual function: around every corner of town there’s a different office to be found and they are each set up especially for the performance of their own business. Some office owners make their surroundings stylish and welcoming, others more functional and may even seem barren but whatever makes up your office, does it all have to be really yours! Well, no. And this is where the virtual idea comes in because like so many other areas of performance today - the practice seems forever to be ‘outsourcing’. The virtual office is just that: outsourced functionality.

There is in fact nothing ‘virtual’ about it; it’s just elements of the usual office performed offsite elsewhere and the advantages of a virtual office

are those you associate with the outsourcing of anything: lower costs, access to professional specialists and pre-tested systems to name but a few examples.

This holds real appeal if you are just starting up or are a modest sized business. If you cannot afford office space at all then the virtual office option is a great solution. You get all the trimmings of a professional office

at a fraction of the cost.

So what do you get from the typical ‘virtual office’? In truth, you get ‘virtually’ anything save for perhaps: drive, enthusiasm for a product, determination to succeed, your ethics, resilience, funding, strategy, forethought, dynamism, entrepreneurship, best practice for your specific work or the clever idea which sets you off in business in

the first place. I may sound a little facetious here but the point I make is: you do have to have a business! The entrepreneurship and all the clever stuff is required of you in the first place – don’t think that you can go to a virtual office services provider and pay for automatic or guaranteed success. (That’s like paying an estate agent and expecting honesty.)

Here are some of the tasks and services you could expect of a typical virtual office service. This is not at all an exhaustive list but it does give you an idea of what they do: 1.Commonly they provide a convenient location and sometimes even a ‘prestigious’ address centrally located in the relevant town or city; 2.Provide post managing and forwarding services; 3.Meeting rooms and hosting support 4.Secretarial, PA and event support and services 5.Run payroll, banking and billing 6.General administration These last three, offered on a payas-go basis, sit well in the virtual office. Your costs are limited to the time it takes to perform the function.

You don’t have to employ a team of people to effect the processes. One of the biggest advantages is that using a virtual office frees up time for you

to focus on the business at hand, and leave the general administration to people who can do it better at less cost! Simple.

The demand for virtual offices is growing and with technology today this option is increasingly viable and may even be a good space saving solution where virtual office businesses provide ‘offices’ to a host of users or where space might be at a premium?

The key to successful outsourcing of your offices and services is being able to rely upon an enterprise that really has got it right and manages your business unfailingly. If you run your own office and make mistakes you can mitigate most risks by reacting accordingly, a virtual office is unlikely to be able to do this for you so you need one that doesn’t make mistakes!

The two key reservations most people hold with a virtual office are firstly that they don’t feel like they ‘have a home base’ and sometimes this is needed to foster team work and collegiate thinking and secondly that individual businesses could find themselves being hosted in the same arena as a direct competitor.

I am sure our virtual office services providers are on the case already…

First written for Jersey Pages

THE JOURNAL FINANCE

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THE JOURNAL TECH

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New focus on technical and digital education Business

Jersey’s Education Department is renewing its focus on technical education and the delivery of digital skills. Jersey students can currently take alternative qualifications to GCSEs and A-levels in subjects such as healthcare, building trades and hospitality but participation rates are low compared to the UK. The gap was recognised in the Education Department’s most recent Business Plan and work will now start to improve the availability and establish a high status programme of technical qualifications.

Chief Education Officer, Justin Donovan, said "GCSEs and A-levels are not the only path for our young people.

Technical qualifications can be equally valuable in unlocking potential and helping a student to develop the skills they need in the workplace. As well as digital skills employers are looking for good communication, creativity and analytical thinking and we have to recognise that there is more than one way of developing skills."

The most recent data shows that 14% of Jersey pupils take vocational qualifications compared to 27% in the UK at level 3. The new project will be led by David Roworth, who is currently head teacher of Haute Vallée School and will take over the new role in January 2018.

Mr Donovan added "Mr Roworth has the precise skills we need to lead this important project. For the past 25 years he has worked in Jersey’s 11 to 16 secondary schools with the students who will benefit most from this kind of pathway. He is well known and highly regarded and during his time at Haute Vallée the school introduced student-led digital days that brought in local business expertise and digital entrepreneurs to work with students. This is exactly the kind of innovation we want to see more of."

Mr Roworth said "I look forward to working with the teams at the Education Department to drive this forward. It is a unique opportunity to improve social mobility through education and help all our students to

07829 838844

get on and excel. I am passionate about the future of Jersey and the role our young people have to play in it."

He added "It will be a wrench to leave headship but this is an exciting opportunity and I will be working closely with schools for the benefit of our young people. I would especially like to thank the staff, students and parents of Haute Vallée for their support and will look forward to working with them all again in my new role."

Education Minister, Deputy Rod Bryans, said "Now that we’ve bedded in the huge changes with the GCSE system we can turn our focus to the area of technical education and digital skills. The aim is to broaden the type of education that is available to Jersey’s young people and that will ultimately give them better life chances and will provide our economy with well skilled workforce.

I would like to thank Mr Roworth for taking on this important role. His skill set and his intimate knowledge of the challenges facing young people will prove invaluable."

Mr Roworth

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THE JOURNAL TECH

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LOGICALIS TO LAUNCH JERSEY’S FIRST CYBER ACADEMY AND APPRENTICESHIP PROGRAMME Business

Continued from page 1 Logicalis will then work with the apprentice to create a bespoke programme for the last two years helping them follow their chosen pathway.

Logicalis is also working with schools, introducing pupils to IT security as a career option, and with charities such as the Jersey Employment Trust (JET) which help people get back into work.

Paul said: “Over the years Logicalis has taken on a number of people with learning differences, including a person through JET who has Asperger’s, and we are visiting schools, to help give pupils an insight into what working in IT security could be like.

Through the Academy, pupils who show an aptitude will be able to join us for vendor training and start learning with the apprentices.

“We’re looking for young people with a passion for IT – the sort of

people who might be into building their own computer, or coding their own programmes, who are excited by IT and will be able to learn and work in their chosen field to become experts.”

As cybercrime grows, IT security is a huge growth area, with strong employment prospects. The IT governance organisation, ISACA, predicts a global shortage of two million cyber security experts by 2019.

Earlier this year, Logicalis launched the Channel Islands’ first Security Operations Centre (SOC) – providing 24-hour security monitoring to protect clients around the world from cyber security breaches.

Tom Bale, Business Development and Technical Director, Logicalis, said: “Cyber crime has risen dramatically in the past few years as it becomes a weapon to attack businesses and governments, as well as individuals.

At Logicalis we are investing heavily in security training so we can offer organisations the security services they need to protect themselves against the growing threat from cyber crime.”

IDC Computers now available for callouts Ian D. Carr would like to announce to customers old and new that he is available for callouts from the beginning of October. He has 20+ years experience and is a qualified Microsoft systems engineer.

He is able to advise you on your current setup and suggest the best solutions for your home or small office computer needs. Reliable, honest advice, solving everything from internet connectivity to viruses and hardware failures. New computer

system builds or upgrades tailored to your budget and needs.

Ian is also proud to support esports.je, a new competitive gaming community in Jersey. Players need to look no further when they need advice on their next upgrade or new gaming computer.

Customer satisfaction is at the heart of what Ian does, offering a personal service to every client. For same or next day home visits at £30 per hour, contact Ian on 07797852796

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