New dormant bank accounts legislation has been proposed as a compulsory scheme to transfer the balances of Jersey dormant bank accounts to a ‘Jersey Reclaim Fund’, under the supervision of the Chief Minister’s department of the States of Jersey. The Jersey Reclaim Fund has the aim of supporting several good and charitable local community causes and will be classed as a special fund with responsibilities given to the Chief Minister.
There was a consultation exercise in December 2008 which according to the States of Jersey received a positive response but was put on hold for undisclosed reasons. Similar legislation is already in place in the UK and the Cayman Islands and a consultation exercise was carried out in 2013 in Guernsey.
This legislation is not only applicable to banks regulated in Jersey, but also to any other person providing safe custody services.